SPDB (600000) 3 quarterly interpretation: Marginal improvement in asset quality
Highlights of the quarterly report: 1. Overall performance growth was stable.
Revenue and PPOP growth rates were small, and net profit growth remained relatively stable overall.
In the third quarter of 19, the annual growth rate of PPOP and net profit attributable to mothers was 15 each year.
2. Net interest income increased by 2.
3%: Both volume and price have risen, and the scale of interest-earning assets has increased by 1.
3%, the annualized spread in a single quarter is 2.
06%, up 2bp month-on-month. The upward spread of interest rates stems from the increase in asset-side yields greater 青岛夜网 than the increase in debt-side interest rates; the increase in credit-proportioning assets has pushed interest-generating asset yields up 8bp.
3. Breakthrough in marginal improvement of asset quality.
In the third quarter, the company’s non-performing ratio and the proportion of non-performing net generation dropped significantly from the previous month.
At the same time, the proportion of interest-type loans was 2.
88%, the lowest point in 2016.
Risk compensation capabilities continue to be consolidated.
Insufficient quarterly reports: 1. The degree of deposit demand has fallen, to a certain extent, the interest rate has risen against the interest rate.
2, the starting point of the middle income 4.
3%, the growth rate is higher than every 10 units in the first 2 quarters, mainly due to the increase in bank card handling expenses.
Investment suggestion: The company 2019, 2020E PB 0.
77X / 0.
70 times; PE 6.
68X / 6.
40X (Share Bank PB 0.
87X / 0.
79X; PE 7.
35X / 6.
SPDB further strengthened the disposal of stock risks, adjusted its structure steadily, and gradually began to stabilize its asset quality. The company has an advantage in corporate affairs and continues to exert its strength on the retail side. In the future, it will focus on observing its asset quality trends and business development direction.
SPD Bank is now estimated to be cheap and the fundamentals have stabilized. It is recommended to pay close attention to it.
Insufficient quarterly reports: risk warning: macroeconomics is facing downward pressure, corporate deposit competition is under pressure, and performance management is less than expected.