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1、罗琦,研究助理,马鲲鹏,行业快评2012 年 10 月 31 日,证券研究报告推荐(维持)证券分析师,大行息差占优、股份行中收更佳工行、交行、浦发、民生、兴业三季报点评事项:,银行,工商银行 2012 年前三季度归属股东净利润 1856.0 亿元,同比增长 13.3%,EPS 0.53,投资咨询资格编号S10605120400090755-一般证券从业资格编号S1060112040052021-38632767,元,第三季度归属股东净利润 624.4 亿元,同比增长 14.9%,EPS 0.18 元。交通银行 2012 年前三季度归属股东净利润 445.1 亿元,同比增长 15.9%,EPS
2、0.60元,第三季度归属股东净利润 134.3 亿元,同比增长 11.7%,EPS 0.18 元。浦发银行 2012 年前三季度归属股东净利润 261.3 亿元,同比增长 31.2%,EPS 1.40元,第三季度归属股东净利润 89.3 亿元,同比增长 27.1%,EPS 0.48 元。民生银行 2012 年前三季度归属股东净利润 288.1 亿元,同比增长 34.7%,EPS 1.02元,第三季度归属股东净利润 97.6 亿元,同比增长 30.7%,EPS 0.34 元。,兴业银行 2012 年前三季度归属股东净利润 263.4 亿元,同比增长 40.2%,EPS 2.44元,第三季度归属股
3、东净利润 92.4 亿元,同比增长 40.9%,EPS 0.86 元。(下文中“五家银行”顺序为工行、交行、浦发、民生、兴业)平安观点:三季度存贷款增速平稳、兴业、民生有亮点:第三季度,五家银行贷款环比增速分别为 2.5%、2.2%、4.2%、3.3%、7.9%,存款环比增速分别为 3.4%、1.3%、2.5%、2.5%、10.6%。其中,兴业存款增长强劲,并拉动贷款的快速增长,我们认为这与其业务条线的改革密切相关:对公和零售条线的改革拉动了公司和储蓄存款的快速增长,而对金融市场业务的条线化改革,则带动了大量来自非信贷业务的存款,使存款规模在流量中保持稳定增长。此外,民生的小微企业贷款在三季度
4、恢复增长,当季小微贷款余额净增 274.9 亿元,一扫上半年的颓势(上半年出于审慎性考虑刻意放慢了小微贷款增速,一、二季度合计小微贷款余额净增188.1 亿),环比增速 10.9%(一、二季度分别为 4.6%和 3.3%),三季度末小微贷,请通过合法途径获取本公司研究报告,如经由未经许可的渠道获得研究报告,请慎重使用并注意阅读研究报告尾页的声明内容。请务必阅读正文后免责条款,款余额 2805.3 亿元,占总贷款比重升至 20.8%,根据该行全年信贷规模估算,预计四季度还有 200 亿元左右的小微贷款额度,四季度正值小微企业信贷需求的旺季,且当前银行贷款定价能力有所回升,这将对今年全年息差产生正
5、面影响。,银行行业快评前三季度应为息差同比扩张的终点、大行三季度息差表现优于股份行:前三季度,五家银行净息差分别为 2.68%、2.60%、2.63%、3.04%、2.67%,同比变动分别为 6bps、0bps、14bps、0bps、32bps,浦发和兴业由于去年同期基数低,同比出现较大增长,但总体来看,上一轮加息周期的正面影响应当已在前三季度净息差中完全反映,今年全年净息差将很难再出现明显的同比提升。单季来看,五家银行三季度均出现息差环比收窄,第三季度净息差分别为 2.71%、2.58%、2.63%、2.86%、2.58%,环比变动分别为-2bps、-3bps、-6bps,-15bps、-2
6、1bps,大行的降幅明显低于股份制银行,我们认为这与大行更稳固的存款基础、更高的活期存款占比、以及存款定价策略有关,五大行活期存款执行基准利率,而股份制银行活期存款利率一浮到顶,这将对息差形成更大压力。业务结构差异导致股份制银行中间业务收入恢复程度优于大行:前三季度,五家银行净手续费收入同比增速分别为 1.8%、7.1%、24.1%、33.0%、67.9%,净手续费收入占营业收入比重分别为 19.9%、14.2%、10.0%、20.2%、15.6%,同比变动分别为-2.4、-1.2、0.1、0.6、1.2 个百分点;第三季度,净手续费收入同比增速分别为 1.5%、-3.8%、37.4%、45.
7、8%、74.8%,净手续费收入占营业收入比重分别为 18.3%、12.7%、10.7%、21.6%、16.6%。今年,监管机构对银行收费业务的清理规范、信贷供需关系的变化、以及进出口放缓等一系列因素,导致了银行中间业务发展面临巨大压力。但上述数据表明,股份制银行的表现显著优于国有大行,从三季度开始,股份制银行的手续费收入增长已开始恢复,而大行则尚未出现类似迹象,我们认为,这与两者业务结构的差异有关:由于网点数量与客户基础的差距,股份制银行的中间业务更多围绕批发类、市场类业务展开,而大行的中间业务收入则有很大一部分是从面向零售客户的传统柜面业务中获得的,在今年严格监管的背景下,批发类业务一开始会
8、受到较大冲击,但一旦监管界限划定之后,很容易恢复增长,且客户对银行此类收费服务的依赖性较高,而收费项目清理规范对传统柜面业务的影响,则是缓慢、长期而持续的,恢复速度远远慢于批发性业务,因此,业务结构上的差异导致了股份制银行手续费收入的恢复速度快于大行。资产质量风险尚处可控范围、但难言拐点已至:第三季度,五家银行不良贷款余额环比变动分别为-0.5%、8.7%、13.5%、7.6%、22.4%,不良率 0.87%、0.87%、0.58%、0.72%、0.45%,不良率环比变动-3bps、5bps、5bps、3bps、5bps,长三角地区的进出口、批发零售及制造业是本轮资产质量风险集中爆发的行业和地
9、区,但当前内外部环境均不明朗,预计资产质量向下的趋势仍将持续。工行逆市实现环比“双降”实属不易;浦发上半年逾期贷款增速居行业前列,对其三季度的资产质量形成了一定压力,导致了双位数的不良余额环比增长,预计来自逾期贷款的压力将至少持续到今年四季度;兴业不良余额环比增速超过 20%,但考虑到其行业最低的不良率,我们认为,这更多是提前释放未来资产质量压力的主动调节措施,投资者对此不必过多忧虑。同时,正常的拨备计提力度得以保持,五家银行单季信用成本(非年化)分别为 7bps、12bps、14bps、12bps、29bps,需特别注意的事,兴业今年显著加强了拨备力度,前三季度信用成本(非年化)达 82bp
10、s,居行业第一,也超过了其自身从 07-11 年的全年信用成本,我们相信,拨贷比达标的压力是该行大力度拨备计提的主要原因,三季度末该行拨贷比为 1.95%,与 11 年底 1.46%的水平已有显著提升。三季度末,五家银行拨备覆盖率分别为 288.3%、263.3%、385.4%、339.2%、430.8%。评级与风险提示:维持五家银行投资评级(请见下页图表 1)。主要风险包括:资产质量风险在新的区域和行业内爆发,利率市场化推进速度快于预期。,请务必阅读正文后免责条款,2/8,-,-,-,-,-,-,-,-,银行行业快评,图表1,银行业估值比较(2012年10月30日),评级,收盘价,市值,P/
11、E(x),P/B(x),ROE,ROA,股息收益率,(元),(十亿元),11A,12E,13E,11A,12E,13E,11A,12E,13E,11A,12E,13E,11A,12E,13E,工商银行建设银行中国银行农业银行交通银行招商银行中信银行浦发银行民生银行兴业银行光大银行华夏银行北京银行南京银行宁波银行,强烈推荐强烈推荐推荐推荐推荐推荐推荐,3.814.132.732.484.2310.073.597.485.9612.242.678.336.827.568.97,1,3311,03376280531421716814016913210857602226,6.396.106.146.6
12、15.166.015.455.115.705.185.986.194.756.997.95,5.525.365.455.255.256.164.554.405.125.125.785.154.715.626.71,4.844.794.924.384.525.293.983.864.404.365.044.414.104.655.77,1.391.271.051.240.961.320.960.941.231.151.120.890.841.041.38,1.181.090.931.060.831.110.820.781.000.930.940.770.690.891.17,1.010.940.
13、820.900.720.930.690.650.820.770.810.660.600.760.99,23.4%22.4%18.2%20.5%20.5%24.2%20.9%20.1%23.9%24.6%20.4%18.6%19.3%15.9%18.8%,23.1%22.0%18.1%21.8%18.4%21.3%19.4%19.3%22.1%21.6%18.5%16.0%17.3%17.1%18.9%,22.5%21.1%17.8%22.2%17.0%19.2%18.8%18.4%20.5%19.4%17.2%16.2%15.7%17.6%18.5%,1.44%1.47%1.17%1.11%1
14、.19%1.39%1.27%1.12%1.40%1.20%1.12%0.81%1.06%1.29%1.24%,1.46%1.46%1.16%1.24%1.20%1.43%1.30%1.11%1.38%1.16%1.08%0.84%1.03%1.27%1.37%,1.46%1.43%1.14%1.31%1.21%1.44%1.36%1.11%1.37%1.15%1.04%0.88%1.03%1.23%1.37%,4.8%5.1%5.3%2.2%0.4%2.9%1.5%1.6%1.7%2.1%3.5%1.7%3.2%2.6%2.2%,5.4%5.6%5.5%5.7%2.9%2.4%3.3%1.8%
15、1.6%2.0%2.6%1.6%2.1%2.7%2.2%,6.2%6.3%6.1%6.8%3.3%2.8%3.8%2.1%1.8%2.3%3.0%1.8%2.4%3.2%2.6%,行业平均,6.11,5.38,4.70,1.21,1.03,0.89,21.5%,21.0%,20.3%,1.30%,1.32%,1.32%,3.7%,4.7%,5.3%,日期,2012/10/30,资料来源:Wind、平安证券研究所,图表2,工商银行 季度业绩,利润表(百万元)利息净收入利息收入利息支出非利息收入净手续费收入投资收益公允价值变动损益汇兑净损益其他业务收入营业收入营业支出业务及管理费营业税金及附加拨备
16、前营业利润(PPOP)资产减值损失贷款和垫款减值损失营业利润营业外收支净额利润总额所得税费用净利润少数股东权益归属母公司股东净利润资产负债表(百万元)贷款总额存款总额不良贷款余额贷款损失准备资产总额负债总额母公司所有者权益平均生息资产,1Q1185,376130,893(45,517)28,44125,9271,218(83)1,30079113,817(35,581)(29,088)(6,493)78,236(8,654)(8,859)69,58241669,998(16,162)53,836(49)53,7871Q117,063,35111,764,42470,774174,47814,3
17、89,99613,517,771870,96813,236,589,2Q1189,128141,826(52,698)29,74327,8642,147(125)(451)308118,871(38,723)(31,642)(7,081)80,148(8,227)(7,935)71,92142672,347(16,608)55,739(45)55,6942Q117,334,04012,047,13869,486181,45314,896,04814,036,433858,39113,661,879,3Q1192,583153,468(60,885)26,45824,5042,405(570)(
18、262)381119,041(41,798)(34,409)(7,389)77,243(7,502)(7,634)69,74127370,014(15,611)54,403(44)54,3593Q117,599,04012,144,23269,190188,65315,127,00214,225,136900,68214,005,691,4Q1195,677163,393(67,716)27,80823,2552,567567813606123,485(56,991)(49,079)(7,912)66,494(6,738)(7,404)59,75619659,952(15,485)44,467
19、(42)44,4254Q117,788,89712,261,21973,011194,87815,476,86814,519,045956,74214,622,861,1Q1298,816174,348(75,532)32,20128,6221,728(5)1,508348131,017(41,268)(32,570)(8,698)89,749(10,148)(10,134)79,60122779,828(18,456)61,372(37)61,3351Q128,158,09012,615,28172,819204,53616,431,19615,408,2531,021,81515,246,
20、019,2Q12105,242180,174(74,932)29,22726,1821,071(250)2,116108134,469(45,323)(36,694)(8,629)89,146(9,089)(8,895)80,05732780,384(18,515)61,869(44)61,8252Q128,424,03713,180,59775,125211,40117,073,05016,055,6021,016,31815,427,233,3Q12107,311182,795(75,484)28,67624,8831,043(312)(451)3,513135,987(50,373)(4
21、1,608)(8,765)85,614(6,222)(5,707)79,39223679,628(17,158)62,470(28)62,4423Q128,637,81213,633,50274,752215,52917,371,15016,295,8761,073,35015,860,040,QoQ2.0%1.5%0.7%-1.9%-5.0%-2.6%24.8%-121.3%3152.8%1.1%11.1%13.4%1.6%-4.0%-31.5%-35.8%-0.8%-27.8%-0.9%-7.3%1.0%-36.4%1.0%QoQ2.5%3.4%-0.5%2.0%1.7%1.5%5.6%2
22、.8%,YoY15.9%19.1%24.0%8.4%1.5%-56.6%-45.3%72.1%822.0%14.2%20.5%20.9%18.6%10.8%-17.1%-25.2%13.8%-13.6%13.7%9.9%14.8%-36.4%14.9%YoY13.7%12.3%8.0%14.2%14.8%14.6%19.2%13.2%,9M11267,087426,187(159,100)84,64278,2955,770(778)587768351,729(116,102)(95,139)(20,963)235,627(24,383)(24,428)211,2441,115212,359(4
23、8,381)163,978(138)163,8409M117,599,04012,144,23269,190188,65315,127,00214,225,136900,68213,634,720,9M12311,369537,317(225,948)90,10479,6873,842(567)3,1733,969401,473(136,964)(110,872)(26,092)264,509(25,459)(24,736)239,050790239,840(54,129)185,711(109)185,6029M128,637,81213,633,50274,752215,52917,371
24、,15016,295,8761,073,35015,511,097,YoY16.6%26.1%42.0%6.5%1.8%-33.4%-27.1%440.5%416.8%14.1%18.0%16.5%24.5%12.3%4.4%1.3%13.2%-29.1%12.9%11.9%13.3%-21.0%13.3%YoY13.7%12.3%8.0%14.2%14.8%14.6%19.2%13.8%,2010303,749462,762(159,013)77,07272,8403,275108735114380,821(138,346)(116,862)(21,484)242,475(27,988)(2
25、7,888)214,487939215,426(49,401)166,025(869)165,15620106,790,50611,145,55773,241167,13413,458,62212,636,965820,43012,431,871,2011362,764589,580(226,816)112,450101,5508,337(211)1,4001,374475,214(173,093)(144,218)(28,875)302,121(31,121)(31,832)271,0001,311272,311(63,866)208,445(180)208,26520117,788,897
26、12,261,21973,011194,87815,476,86814,519,045956,74213,881,755,YoY19.4%27.4%42.6%45.9%39.4%154.6%-295.4%90.5%1105.3%24.8%25.1%23.4%34.4%24.6%11.2%14.1%26.3%39.6%26.4%29.3%25.6%-79.3%26.1%YoY14.7%10.0%-0.3%16.6%15.0%14.9%16.6%11.7%,每股数据(元),股份数量(百万股)EPSBVPSDPSPPOP/sh主要指标(%)ROAROE净息差(NIM)成本收入比有效税率贷存比不良贷款
27、率拨备覆盖率拨备率(拨贷比)信用成本非利息收入/营业收入净手续费收入/营业收入核心资本充足率资本充足率,349,0190.152.50-0.221Q111.55%25.44%2.58%25.56%23.09%60.04%1.00%246.53%2.47%0.13%24.99%22.78%9.66%11.77%,349,0200.162.46-0.232Q111.52%25.76%2.61%26.62%22.96%60.88%0.95%261.14%2.47%0.11%25.02%23.44%9.82%12.33%,349,0200.162.58-0.223Q111.45%24.72%2.64%
28、28.91%22.30%62.57%0.91%272.66%2.48%0.10%22.23%20.58%10.03%12.51%,349,0840.132.740.180.194Q111.16%19.13%2.62%39.74%25.83%63.52%0.94%266.92%2.50%0.10%22.52%18.83%10.07%13.17%,349,3130.182.93-0.261Q121.54%24.80%2.59%24.86%23.12%64.67%0.89%280.88%2.51%0.13%24.58%21.85%10.15%13.13%,349,3220.182.91-0.262Q
29、121.48%24.27%2.73%27.29%23.03%63.91%0.89%281.40%2.51%0.11%21.74%19.47%10.38%13.56%,349,3220.183.07-0.253Q121.45%23.91%2.71%30.60%21.55%63.36%0.87%288.33%2.50%0.07%21.09%18.30%10.51%13.61%,0.0%1.0%5.6%na-4.0%QoQ0.0pct-0.4pct-2bps3.3pct-1.5pct-0.6pct-3bps6.9pct-1bps-4bps-0.6pct-1.2pct0.1pct0.1pct,0.1%
30、14.8%19.1%na10.7%YoY0.0pct-0.8pct6bps1.7pct-0.7pct0.8pct-5bps15.7pct1bps-4bps-1.1pct-2.3pct0.5pct1.1pct,349,0200.472.58-0.689M111.53%25.39%2.61%27.05%22.78%62.57%0.91%272.66%2.48%0.34%24.06%22.26%10.03%12.51%,349,3220.533.07-0.769M121.51%24.38%2.68%27.62%22.57%63.36%0.87%288.33%2.50%0.30%22.44%19.85
31、%10.51%13.61%,0.1%13.2%19.1%na12.2%YoY0.0pct-1.0pct6bps0.6pct-0.2pct0.8pct-5bps15.7pct1bps-4bps-1.6pct-2.4pct0.5pct1.1pct,349,0190.472.350.160.6920101.32%22.10%2.44%30.69%22.93%60.93%1.08%228.20%2.46%0.45%20.24%19.13%9.97%12.27%,349,0840.602.740.180.8720111.44%23.44%2.61%30.35%23.45%63.52%0.94%266.9
32、2%2.50%0.44%23.66%21.37%10.07%13.17%,0.0%26.1%16.6%13.1%24.6%YoY0.1pct1.3pct17bps-0.3pct0.5pct2.6pct-14bps38.7pct4bps-1bps3.4pct2.2pct0.1pct0.9pct,资料来源:公司公告、平安证券研究所,请务必阅读正文后免责条款,3/8,银行行业快评,图表3,交通银行 季度业绩,利润表(百万元)利息净收入利息收入利息支出非利息收入净手续费收入投资收益公允价值变动损益汇兑净损益其他业务收入营业收入营业支出业务及管理费营业税金及附加拨备前营业利润(PPOP)资产减值损失贷款
33、和垫款减值损失营业利润营业外收支净额利润总额所得税费用净利润少数股东权益归属母公司股东净利润资产负债表(百万元)贷款总额存款总额减值贷款余额贷款损失准备资产总额负债总额母公司所有者权益平均生息资产,1Q1123,73541,836(18,101)6,5044,9563741629380230,239(9,919)(7,964)(1,955)20,320(3,185)(3,120)17,1355817,193(3,882)13,311(31)13,2801Q112,344,1643,037,56124,70748,8774,128,6733,891,517236,2513,784,349,2Q1
34、125,84146,536(20,695)5,8574,800327(599)43489531,698(12,222)(10,019)(2,203)19,476(2,767)(2,687)16,7099016,799(3,662)13,137(21)13,1162Q112,433,0563,157,97523,93551,1954,347,7174,099,307247,5423,983,803,3Q1126,83750,849(24,012)5,4214,760177(397)(137)1,01832,258(13,169)(10,867)(2,302)19,089(3,610)(3,542
35、)15,4799615,575(3,521)12,054(34)12,0203Q112,507,5833,163,52823,59354,0134,362,2974,103,673257,7454,004,376,4Q1126,18851,651(25,463)6,5735,033(546)1,38226743732,761(14,058)(11,579)(2,479)18,703(3,130)(3,130)15,57331115,884(3,569)12,315412,3194Q112,561,7503,283,23221,98656,3654,611,1774,338,389271,802
36、4,073,872,1Q1228,36757,591(29,224)8,1486,041136(213)7391,44536,515(12,140)(9,507)(2,633)24,375(3,921)(3,807)20,4544420,498(4,590)15,908(28)15,8801Q122,704,6053,414,27021,89159,6374,882,8344,593,767288,0464,357,993,2Q1230,02760,612(30,585)7,1004,921802893881,42237,127(13,928)(11,214)(2,714)23,199(3,7
37、52)(3,329)19,44722319,670(4,438)15,232(24)15,2082Q122,805,9203,592,31222,87362,5645,152,2084,853,154298,0294,605,705,3Q1230,70761,292(30,585)5,3164,581612(959)36871436,023(15,280)(12,538)(2,742)20,743(3,493)(3,328)17,25013117,381(3,929)13,452(27)13,4253Q122,868,5503,640,30124,87365,4805,173,3494,805
38、,607366,2524,768,121,QoQ2.3%1.1%0.0%-25.1%-6.9%665.0%-431.8%-5.2%-49.8%-3.0%9.7%11.8%1.0%-10.6%-6.9%0.0%-11.3%-41.3%-11.6%-11.5%-11.7%12.5%-11.7%QoQ2.2%1.3%8.7%4.7%0.4%-1.0%22.9%3.5%,YoY14.4%20.5%27.4%-1.9%-3.8%245.8%141.6%na-29.9%11.7%16.0%15.4%19.1%8.7%-3.2%-6.0%11.4%36.5%11.6%11.6%11.6%-20.6%11.7
39、%YoY14.4%15.1%5.4%21.2%18.6%17.1%42.1%19.1%,9M1176,413139,221(62,808)17,78214,516541(580)5902,71594,195(35,310)(28,850)(6,460)58,885(9,562)(9,349)49,32324449,567(11,065)38,502(86)38,4169M112,507,5833,163,52823,59354,0134,362,2974,103,673257,7453,924,176,9M1289,101179,495(90,394)20,56415,543828(883)1
40、,4953,581109,665(41,348)(33,259)(8,089)68,317(11,166)(10,464)57,15139857,549(12,957)44,592(79)44,5139M122,868,5503,640,30124,87365,4805,173,3494,805,607366,2524,577,273,YoY16.6%28.9%43.9%15.6%7.1%53.0%52.2%153.4%31.9%16.4%17.1%15.3%25.2%16.0%16.8%11.9%15.9%63.1%16.1%17.1%15.8%-8.1%15.9%YoY14.4%15.1%
41、5.4%21.2%18.6%17.1%42.1%16.6%,201084,995141,905(56,910)19,23914,479747(71)6503,434104,234(42,001)(35,570)(6,431)62,233(12,533)(12,246)49,70025449,954(10,782)39,172(130)39,04220102,236,9272,867,84724,98846,4373,951,5933,727,936222,7733,456,166,2011102,601190,872(88,271)24,35519,549(5)8028573,152126,9
42、56(49,368)(40,429)(8,939)77,588(12,692)(12,479)64,89655565,451(14,634)50,817(82)50,73520112,561,7503,283,23221,98656,3654,611,1774,338,389271,8023,961,600,YoY20.7%34.5%55.1%26.6%35.0%-100.7%na31.8%-8.2%21.8%17.5%13.7%39.0%24.7%1.3%1.9%30.6%118.5%31.0%35.7%29.7%-36.9%29.9%YoY14.5%14.5%-12.0%21.4%16.7
43、%16.4%22.0%14.6%,每股数据(元),股份数量(百万股)EPSBVPSDPSPPOP/sh主要指标(%)ROAROE净息差(NIM)成本收入比有效税率贷存比减值贷款率拨备覆盖率拨备率(拨贷比)信用成本非利息收入/营业收入净手续费收入/营业收入核心资本充足率资本充足率,56,2600.244.20-0.361Q111.32%23.14%2.51%26.34%22.58%77.17%1.05%197.83%2.09%0.14%21.51%16.39%9.24%12.05%,56,2600.234.40-0.352Q111.24%21.69%2.59%31.61%21.80%77.04%
44、0.98%213.89%2.10%0.11%18.48%15.14%9.41%12.20%,61,8860.194.16-0.313Q111.11%19.03%2.68%33.69%22.61%79.27%0.94%228.94%2.15%0.14%16.81%14.76%9.24%11.89%,61,8860.204.390.020.304Q111.10%18.61%2.57%35.34%22.47%78.03%0.86%256.37%2.20%0.12%20.06%15.36%9.27%12.44%,61,8860.264.65-0.391Q121.34%22.69%2.60%26.04%
45、22.39%79.21%0.81%272.43%2.21%0.14%22.31%16.54%9.39%12.42%,61,8860.254.82-0.372Q121.21%20.76%2.61%30.20%22.56%78.11%0.82%273.53%2.23%0.12%19.12%13.25%9.58%12.57%,74,2630.184.93-0.283Q121.04%16.17%2.58%34.81%22.61%78.80%0.87%263.26%2.28%0.12%14.76%12.72%11.58%14.51%,20.0%-26.4%2.4%na-25.5%QoQ-0.2pct-4
46、.6pct-3bps4.6pct0.0pct0.7pct5bps-10.3pct5bps0bps-4.4pct-0.5pct2.0pct1.9pct,20.0%-6.9%18.4%na-9.4%YoY-0.1pct-2.9pct-10bps1.1pct0.0pct-0.5pct-7bps34.3pct13bps-3bps-2.0pct-2.0pct2.3pct2.6pct,61,8860.624.16-0.959M111.23%21.32%2.60%30.63%22.32%79.27%0.94%228.94%2.15%0.39%18.88%15.41%9.24%11.89%,74,2630.6
47、04.93-0.929M121.22%18.60%2.60%30.33%22.51%78.80%0.87%263.26%2.28%0.39%18.75%14.17%11.58%14.51%,20.0%-3.4%18.4%na-3.3%YoY0.0pct-2.7pct0bps-0.3pct0.2pct-0.5pct-7bps34.3pct13bps-1bps-0.1pct-1.2pct2.3pct2.6pct,56,2600.693.960.191.1120101.08%20.20%2.46%34.13%21.58%78.00%1.12%185.84%2.08%0.60%18.46%13.89%
48、9.37%12.36%,61,8860.824.390.021.2520111.19%20.52%2.59%31.84%22.36%78.03%0.86%256.37%2.20%0.52%19.18%15.40%9.27%12.44%,10.0%18.1%10.9%-90.3%13.3%YoY0.1pct0.3pct13bps-2.3pct0.8pct0.0pct-26bps70.5pct12bps-8bps0.7pct1.5pct-0.1pct0.1pct,资料来源:公司公告、平安证券研究所,请务必阅读正文后免责条款,4/8,银行行业快评,图表4,浦发银行 季度业绩,利润表(百万元)利息净收
49、入利息收入利息支出非利息收入净手续费收入投资收益公允价值变动损益汇兑净损益其他业务收入营业收入营业支出业务及管理费营业税金及附加拨备前营业利润(PPOP)资产减值损失贷款和垫款减值损失营业利润营业外收支净额利润总额所得税费用净利润少数股东权益归属母公司股东净利润资产负债表(百万元)贷款总额存款总额不良贷款余额贷款损失准备资产总额负债总额母公司所有者权益平均生息资产,1Q1113,62024,364(10,744)1,5761,474208442915,196(6,502)(5,429)(1,072)8,694(819)(819)7,87547,879(1,805)6,074(15)6,0591
50、Q111,187,9401,672,5305,23622,7122,270,1362,140,722129,0662,191,388,2Q1114,74827,849(13,100)1,9211,82447(4)193616,669(6,596)(5,406)(1,190)10,073(1,010)(747)9,063(4)9,059(2,222)6,837(16)6,8212Q111,237,4071,750,9175,23823,7202,455,2402,321,599133,2282,365,784,3Q1115,65031,459(15,809)1,7931,624339(383)1