\u3000\u3000 Ping An Bank Co.Ltd(000001) Ping An Bank Co.Ltd(000001) )
On January 1, ; Net profit attributable to parent company: 12.85 billion yuan, yoy + 26.8%; The non-performing rate was 1.02%, and the provision coverage rate was 289%.
Generous performance and competitiveness Ping An Bank Co.Ltd(000001) 22q1 revenue yoy + 10.6%, up 0.3pct month on month, net profit attributable to parent yoy + 26.8%, up 1.2cpt month on month. This profit growth level is not only ahead of joint-stock banks, but also inferior to Chengnong commercial banks whose revenue growth rate is near 20%. Among them, the provision back feeding factor contributed 12.1pct.
The growth rate of net interest income rebounded. Although Q1 market fluctuations affected consignment sales, and the growth rate of medium income fell to 4.8%, the good thing is that the net interest income rebounded by 1.3pct to 7.3% month on month, and other non interest income maintained a high growth rate of more than 50%, supporting the upward growth of revenue.
Single quarter net interest margin and expansion speed were up Ping An Bank Co.Ltd(000001) 22q1 net interest margin was 2.80%, an increase of 6BP compared with 21q4, and the quarterly average interest bearing assets increased by 3.9% month on month, an increase of 1.7pct compared with 21q4. The rise of net interest margin is mainly due to the improvement of personal loan yield, which increased to 7.59% from + 28bp month on month; At the same time, the proportion of demand deposits remained at 74.2%, bringing stable debt costs.
The wealth management business has a good momentum Ping An Bank Co.Ltd(000001) 22q1 retail AUM reached 3.36 trillion, yoy + 19.9%, still maintaining a high growth trend. Among them, the growth rate of AUM of private banks dropped slightly to 20.8%, and the growth rate of AUM below private banks increased steadily to 19.2%, reflecting the effective empowerment of financial technology. The scale of non breakeven financial management reached 88.03 billion, yoy + 28.2%, with a good momentum. Due to market fluctuations, the income of agency funds declined, but agency insurance and financial management were effectively hedged, and the overall wealth management closed yoy-6.8%, with limited impact.
The non-performing rate stabilized at a low level and the provision level was stable and high Ping An Bank Co.Ltd(000001) 22q1 defect rate was 1.02%, unchanged month on month. The provision coverage rate is 289.1%, and the allocation loan ratio is 2.94%, which is basically the same month on month. There is no back feeding profit, which belongs to conventional provision. The proportion of loans overdue within 90 days fell sharply, down 30bp to 0.84% compared with 21q4, and there is still room for decline in the non-performing rate during the year.
Investment suggestion: the wealth business is promoted and the operation quality and efficiency are improved
Revenue growth continued to rise, and profit growth remained high; The wealth management strategy has been continuously promoted and the asset quality has been continuously improved; Fearing the decline in the growth rate of medium income and the impact of real estate risks, Ping An Bank Co.Ltd(000001) bravely stands at the forefront and improves the quality and efficiency of its operation, showing its leading style. It is estimated that the EPS of 22, 23 and 24 years will be 2.32 yuan, 2.90 yuan and 3.67 yuan respectively. The closing price on April 26, 2022 corresponds to 0.8 times of 22 years Pb, maintaining the "recommended" rating.
Risk warning: the macroeconomic situation is down; Credit risk outbreak; The transformation progress is less than expected.
