\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 169 Bank Of Beijing Co.Ltd(601169) )
On April 30, 2022, Bank Of Beijing Co.Ltd(601169) released the performance reports for the year 2021 and the first quarter of 2022.
Key investment points:
In the first quarter of 2021 and 2022, the revenue increased by 3.07% and 2.07% year-on-year respectively, and the net profit attributable to the parent increased by 3.45% and 6.6% year-on-year respectively: the net interest margin narrowed, dragging down the growth of net interest income; The rapid development of wealth management business has driven the rapid growth of handling fee income in the first quarter of 2022.
The proportion of deposits and loans has increased: by the end of the first quarter of 2022, the company's total assets reached 3.14 trillion yuan, ranking first among urban commercial banks. The proportion of loans in total assets reached 55.71%, an increase of 1.01 percentage points over the end of the previous year. In terms of deposits, by the end of March, the total amount of deposits had reached 1.84 trillion yuan, an increase of 8.4% over the end of the previous year, accounting for 64.95% of the total liabilities, an increase of 3.42 percentage points over the end of the previous year.
The overall asset quality will be further improved: the non-performing rate at the end of the first quarter of 2022 is 1.44%, which is the same as that at the end of 2021, and the non-performing pressure is still gradually released. The provision coverage rate was 211.5%, an increase of 1.28 percentage points over the end of the previous year. It is expected that with the stabilization of the overall macroeconomic operation, the asset quality of the company is expected to continue to improve
Profit forecast and investment suggestions: in 2021, the company increased investment and expenditure on science and technology, and proposed to command the "five transformations" with digital transformation. Focusing on optimizing the business structure and increasing the transformation of retail business, it is expected to gradually drive the rapid growth of intermediate business income. EPS forecast for 2022 / 23 is 1.11 yuan / 1.24 yuan. According to the closing price of Bank Of Beijing Co.Ltd(601169) a shares on April 29, it is 4.57 yuan, corresponding to 0.41 times Pb in 2022, maintaining the overweight rating.
Risk factors: affected by covid-19 epidemic, the global economic recovery was less than expected, resulting in sharp fluctuations in bank assets.
