Recently, A-share banks have issued performance letters for 2021. So far, a total of 11 A-share banks have issued performance letters. In terms of operating revenue, all 11 banks have achieved positive growth, of which Bank Of Ningbo Co.Ltd(002142) 2021 revenue increased by 28.24%, leading 11 A-share banks; From the perspective of net profit attributable to shareholders of the parent company, the net profit attributable to the parent company of 10 banks exceeded 20%, and the net profit attributable to the parent company increased by 30.72% in Bank Of Jiangsu Co.Ltd(600919) 2021, leading 11 A-share banks.
11 A-share banks issued performance letters. (statistics by surging news reporter Chen Peizhen)
In addition, Bank Of Chengdu Co.Ltd(601838) also issued a performance pre increase announcement: it is expected that the net profit attributable to shareholders of Listed Companies in Bank Of Chengdu Co.Ltd(601838) 2021 will increase by 1.085 billion yuan to 1.507 billion yuan, an increase of 18% to 25% year-on-year compared with the same period of last year (statutory disclosure data).
It is worth mentioning that from the perspective of asset quality, by the end of 2021, the non-performing loan ratio of 11 A-share banks had decreased.
The revenue growth rate of 3 companies exceeded 15%, and the net profit growth rate of 10 companies exceeded 20%
In terms of revenue growth, Bank Of Ningbo Co.Ltd(002142) , Bank Of Jiangsu Co.Ltd(600919) , Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) last year’s revenue growth exceeded 15%, ranking among the top three, 28.24%, 22.58% and 16.27% respectively. At the same time, the revenue growth rate of two banks was less than 5% last year, namely Bank Of Suzhou Co.Ltd(002966) and Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) , with revenue growth rates of 4.51% and 1.81% respectively last year.
In terms of net profit growth, 10 of the 11 A-share banks returned to their parent last year, with a net profit growth rate of more than 20%. Bank Of Jiangsu Co.Ltd(600919) the growth rate of net profit attributable to parent company last year was still bright, at 30.72%, ranking first among banks that have published the performance express of 2021. From the perspective of net profit attributable to the parent company, only China Citic Bank Corporation Limited(601998) 1 companies have seen a net profit growth rate of less than 20% last year, which was 13.60%.
defect rate decreased
From the perspective of asset quality, the non-performing loan ratio of 11 A-share banks decreased. By the end of 2021, the NPL ratio of China Citic Bank Corporation Limited(601998) had decreased by 0.25 percentage points to 1.39%, the highest among the 11 A-share banks; The non-performing loan ratio of Bank Of Ningbo Co.Ltd(002142) decreased by 0.02 percentage points to 0.77%, the lowest among the 11 A-share banks.
In terms of the decline, the Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) non-performing loan ratio decreased the most year-on-year last year. By the end of 2021, Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) had a non-performing loan ratio of 1%, a year-on-year decrease of 0.28 percentage points.
In addition, among the 11 A-share banks that disclosed the 2021 performance express, the non-performing loan ratio of 4 banks was less than 1% at the end of 2021. The four banks are Jiangsu Zhangjiagang Rural Commercial Bank Co.Ltd(002839) , China Merchants Bank Co.Ltd(600036) , Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) , Bank Of Ningbo Co.Ltd(002142) , and the non-performing loan ratios are 0.95%, 0.91%, 0.81% and 0.77% respectively.
What is the current investment value of bank stocks?
Since the beginning of the year, the banking sector as a whole has risen by 3.68%. Among them, Bank Of Chengdu Co.Ltd(601838) , Bank Of Jiangsu Co.Ltd(600919) 2 city commercial banks rose by more than 10%.
For the current investment value of bank stocks, Zhongtai Securities Co.Ltd(600918) Dai Zhifeng’s team pointed out in the latest research report that the current safety margin of the sector is relatively high, and the asset quality constructs the safety margin of bank stocks. The bank has two main lines of stock selection: one is the bank’s core assets: China Merchants Bank Co.Ltd(600036) , Bank Of Ningbo Co.Ltd(002142) , Ping An Bank Co.Ltd(000001) . Their performance is highly sustainable and scarce. The boom of high-quality banks is certain and long-term. The other is to choose banks with undervalued value, safe asset quality and expected successful transformation, and be optimistic about Postal Savings Bank Of China Co.Ltd(601658) , Bank Of Jiangsu Co.Ltd(600919) , Bank Of Nanjing Co.Ltd(601009) and Industrial Bank Co.Ltd(601166) .
Everbright Securities Company Limited(601788) the latest research report of Wang Yifeng’s team pointed out that whether the “wide credit” expectation can be fulfilled smoothly and the resulting changes in economic trend will significantly affect the performance of bank stock prices. In terms of investment logic, continue to recommend three main lines: the rebound theme brought by the weakening of real estate risk suppression, such as Industrial Bank Co.Ltd(601166) , Ping An Bank Co.Ltd(000001) , and China Merchants Bank; The main line of sound operation of local banks in qualitative regions, such as Bank Of Chengdu Co.Ltd(601838) , Bank Of Jiangsu Co.Ltd(600919) , Bank Of Nanjing Co.Ltd(601009) , Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) , Bank Of Hangzhou Co.Ltd(600926) ; In the beginning of the year, the main line of “Touyan” bank with stable credit supply, such as Postal Savings Bank Of China Co.Ltd(601658) and CCB.
