\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 926 Bank Of Hangzhou Co.Ltd(600926) )
Overall: net profit attributable to parent company increased by 31.39% year on year
In 2022q1, Bank Of Hangzhou Co.Ltd(600926) realized revenue / net profit attributable to parent company of RMB 8.769 billion / RMB 3.309 billion respectively, with a year-on-year increase of 15.73% / 31.39% respectively. Among the revenue, the net interest income was 5.459 billion yuan, a year-on-year increase of 1.42%, accounting for 62.26%. Net non interest income was 3.309 billion yuan, a year-on-year increase of 50.87%, accounting for 33.74%. The weighted average return on net assets was 4.05% (not annualized), an increase of 0.61 percentage points year-on-year.
Operation: loans maintained steady growth and retail business continued to develop
At the end of the reporting period, the total amount of loans was 630.41 billion yuan, an increase of 7.11% over the end of the previous year. Among them, corporate loans / personal loans were 400456 billion yuan / 229954 billion yuan respectively, an increase of 9.89% / 2.59% respectively over the end of the previous year. Among corporate loans, the balance of small and micro finance line loans was 97.948 billion yuan, an increase of 5.34% over the end of the previous year. Among them, the balance of credit loans was 7.251 billion yuan, an increase of 13.90% over the end of the previous year. Among personal loans, the balance of housing mortgage loans was 84.288 billion yuan, an increase of 2.17% over the end of the previous year.
Total deposits amounted to 869077 billion yuan, an increase of 7.21% over the end of the previous year. Among them, corporate current / corporate time / personal current / personal time deposits were 412591 billion yuan / 285779 billion yuan / 45.217 billion yuan / 10.438 billion yuan respectively, an increase of 5.59% / 9.78% / 4.65% / 11.10% respectively over the end of the previous year.
The retail business continued to make efforts to promote the rapid growth of intermediate income. At the end of the reporting period, the total assets of retail customers (AUM) reached 456806 billion, an increase of 7.68% over the end of the previous year. The balance of financial products was 328313 billion, an increase of 7.04% over the end of the previous year. The net income from handling fees and commissions was 1.482 billion yuan, a year-on-year increase of 20.10%.
Asset quality: the overall non-performing rate decreased
At the end of the reporting period, the overall non-performing rate was 0.82%, down 0.04 percentage points from the end of the previous year. Among them, the non-performing loan ratio of retail financial lines was 0.28%, a slight increase of 0.01 percentage points over the end of last year. Non performing + concern loans accounted for 1.20%, down 0.04 percentage points from the end of the previous year. The provision coverage rate was 580.09%, an increase of 12.38 percentage points over the end of the previous year.
Investment advice
Bank Of Hangzhou Co.Ltd(600926) loans grew steadily, retail business continued to develop, and asset quality was excellent. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 11.706/14.365/17.082 billion respectively, with a year-on-year increase of 26.40% / 22.72% / 18.91%, and the corresponding EPS will be RMB 1.97/2.42/2.88 respectively. Maintain the “buy” rating.
Risk tips
Macroeconomic contraction exceeded expectations.
