As of January 17, 11 A-share listed banks have disclosed their performance letters. The data show that its revenue and net profit have increased significantly. The net profit growth rate of most banks is more than 20%, and that of other banks is more than 30%.
At present, the overall P / E ratio of A-share banking industry is only about 5 times, ranking the bottom in various industries. Industry insiders believe that the current safety margin of bank stocks is high and the future market can be expected.
the growth rate of bank performance is gratifying
As of January 17, a total of 11 A-share listed banks have disclosed their performance letters. Among them, the net profit of 10 banks increased by more than 20%, and the asset quality of most banks was further improved.
On January 14, China Merchants Bank Co.Ltd(600036) disclosed the performance express, which showed that the operating revenue in 2021 was 331.234 billion yuan, a year-on-year increase of 14.03%; The net profit was 119.922 billion yuan, a year-on-year increase of 23.2%. As of December 31, 2021, the total assets were about 9.27 trillion yuan, an increase of 10.90% over the end of the previous year; The total liabilities were about 8.4 trillion yuan, an increase of 10.14% over the end of the previous year; The non-performing loan ratio was 0.91%, down 0.16 percentage points from the end of the previous year; The provision coverage rate was 441.34%, an increase of 3.66 percentage points over the end of the previous year.
According to the performance express released on January 13, the operating revenue in 2021 was 169.383 billion yuan, a year-on-year increase of 10.3%; The net profit was 36.336 billion yuan, a year-on-year increase of 25.6%. By the end of the reporting period, the non-performing loan ratio was 1.02%, down 0.16 percentage points from the end of the previous year.
Not only the performance growth of joint-stock banks is gratifying, but also urban commercial banks are not down.
According to the performance express released by Bank Of Jiangsu Co.Ltd(600919) on January 11, the revenue in 2021 was 63.771 billion yuan, a year-on-year increase of 22.58%; The net profit was 19.694 billion yuan, a year-on-year increase of 30.72%. At the same time, Bank Of Jiangsu Co.Ltd(600919) NPL ratio and NPL balance have both decreased.
From the overall performance, among the 11 listed banks that have disclosed the performance express, Bank Of Jiangsu Co.Ltd(600919) has the fastest performance growth, and the year-on-year growth rate of net profit has reached 30.72%; Among the other 9 banks, except China Citic Bank Corporation Limited(601998) net profit increased by 13.60%, the other banks increased by more than 20%.
In terms of total net profit, China Merchants Bank Co.Ltd(600036) is far ahead with 119.92 billion yuan, Industrial Bank Co.Ltd(601166) , China Citic Bank Corporation Limited(601998) , Ping An Bank Co.Ltd(000001) followed by 82.68 billion yuan, 55.641 billion yuan and 36.336 billion yuan respectively.
the future market of bank shares is expected
Although the current performance growth of the banking sector is good, its current overall P / E ratio is only about 5 times, ranking the bottom among A-share industries.
Zhongtai Securities Co.Ltd(600918) believes that the performance robustness of bank stocks is better than market expectations. At the same time, the asset quality of each bank remained stable on the whole, the non-performing rate decreased month on month, and the risk offset capacity was consolidated at a high level. The asset quality of listed banks will be stable in the next few years, which will build the safety margin of bank shares. It is recommended to continue to embrace the core assets of banks and banks with undervalued value, safe asset quality and expected transformation success.
Yu Jinxin, an analyst at Minsheng securities, believes that the banking sector can tell “five stories” in 2022: there is room for valuation, which is easy to go up and difficult to go down; The better buying point is the night before the reversal of economic expectations, and the second best is now; Northward funds have flowed in on a large scale in recent one month; Business is still booming and performance is not dragged down; Different developments on the big wealth management track may lead to alpha differentiation.
Everbright Securities Company Limited(601788) Wang Yifeng’s team said in the research report that the bank index is expected to usher in a wave of rebound, and the upward slope will be relatively flat, but the bottom has been relatively clear. For the follow-up trend of bank stocks, it is generally optimistic.
