The disclosure of the annual report of bank shares has begun!
On the evening of March 9, Ping An Bank Co.Ltd(000001) released the annual performance report for 2021. During the reporting period, the bank achieved an operating revenue of 169383 billion yuan, an increase of 10.3% year-on-year; The net profit was 36.336 billion yuan, a year-on-year increase of 25.6%. In terms of asset quality, by the end of the reporting period, the non-performing loan ratio of the bank had decreased by 0.16 percentage points to 1.02% compared with the end of the previous year; The provision coverage increased by 87.02 percentage points to 288.42% compared with the end of the previous year.
Affected by this news, Ping An Bank Co.Ltd(000001) 3 closed up 5.27% on March 10. It is worth mentioning that Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) , which took the lead in releasing the monthly performance express last night, also closed up 5.74% today, leading the banking sector.
Insiders said that the performance of listed banks from March to April will be intensively released. From the previously disclosed performance express, the banking industry’s profit data and risk indicators perform well, and the sector is expected to enter the market range driven by fundamentals, looking forward to the valuation reversal.
will welcome the intensive disclosure period of the annual report
In March, bank stocks will usher in an intensive disclosure period of the annual report.
On the evening of March 9, Ping An Bank Co.Ltd(000001) has fired the first shot disclosed in the annual report, and then China Merchants Bank Co.Ltd(600036) , China Citic Bank Corporation Limited(601998) , Postal Savings Bank Of China Co.Ltd(601658) , Bank Of Communications Co.Ltd(601328) will release financial reports one after another.
From the perspective of 22 banks that have released their 2021 performance letters, the overall performance of bank stocks in 2021 should be good. Specifically, 21 of the 22 banks achieved year-on-year growth in revenue and net profit attributable to the parent. There are 12 banks with a year-on-year growth rate of more than 20% of the net profit attributable to the parent, of which Bank Of Jiangsu Co.Ltd(600919) net profit attributable to the parent has a year-on-year growth rate of more than 30%, leading the way.
In the view of the industry, the excellent fundamentals of the banking industry have been determined, superimposed on the valuation level of the current historical bottom of the banking sector, and is optimistic about the valuation repair of the banking sector.
It is worth mentioning that the bank has made a good start this year, and the data may continue to shine.
On March 9, Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) issued the announcement on main business conditions from January to February 2022. According to the data, from January to February 2022, the bank realized an operating revenue of 1.668 billion yuan, a year-on-year increase of 27.94%; The net profit attributable to the parent company was 481 million yuan, a year-on-year increase of 25.64%. This is Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) the first time to disclose monthly operating data and the first monthly operating data of the banking industry China Merchants Securities Co.Ltd(600999) Liao Zhiming’s team believes that this move creates a precedent for the bank’s monthly performance express, which is expected to boost market confidence.
steady growth policy continues to work
In addition to performance support, the banking industry is also expected to usher in a policy “big gift package”. On March 5, the government work report submitted to the fifth session of the 13th National People’s Congress for deliberation made arrangements for economic and social development in 2022, and clearly released the signal of adhering to the principle of “stability first and seeking progress in stability”.
Huaxi Securities Co.Ltd(002926) analysts Liu Zhiping and Li Qingyang pointed out that the relevant statements related to the banking industry in the government work report are mainly reflected in the three aspects of “increasing the total amount of credit, pricing and risk”. The first is to increase the total amount of credit and increase services to the real economy, especially to small and micro enterprises and individual industrial and commercial households. Secondly, in terms of pricing, it was proposed to “effectively guide the decline of financing interest rate, reduce the financing cost of the real economy and reduce charges”. At the same time, the expression of “transferring profits” last year was not mentioned again. Finally, there are risks, including expanding the coverage of government guarantee for small and micro financing.
At the same time, the government work report no longer sets clear growth requirements for inclusive small and micro enterprise loans of large banks. The 2020 government work report requires the growth rate of inclusive small and micro enterprise loans of large commercial banks to be higher than 40%. The 2021 government work report requires the growth rate of inclusive small and micro enterprise loans of large commercial banks to be more than 30%. This year, it only proposes to “promote the significant growth of inclusive small and micro enterprises loans”. Liao Zhiming believes that there are no clear requirements for the growth rate of loans for inclusive small and micro enterprises of big banks, which is expected to alleviate the pressure on the investment of inclusive small and micro loans of big banks.
In terms of real estate, Ni Hua, an analyst at East Asia Qianhai securities, expects that personal housing loans (mortgages and consumer loans) will directly benefit from the development of the rental market and bring increment to bank credit.
