Everbright Bank (601818) 2018 Annual Report Comments: New Strategy Opens and Structural Adjustments Continue
Investment Highlights Everbright Bank announced its 2018 annual report on March 28, 2019, and initially achieved operating income of 1,102.
40,000 yuan, an increase of 20 in ten years.
0%, net profit attributable to the parent company is 336.
6 ppm, an increase of 6 in ten years.
The negative single-quarter profit growth in the fourth quarter was mainly caused by changes in the effective tax rate during the quarter, and gradually returned to the net profit of the mother.
7% is in the middle of the stock market.
Initially, the main driver of the company’s profit growth comes from NIM + 22bps, and net fee income increased.
9% and investment income / fair value changes increased by 13.9 billion US dollars, which is equivalent to cost control properly, cost and income exceeded 28.
The company’s maximum credit cost increased to 1.
54%, risk resistance replenishment ability is further enhanced.
Credit card issuance and transaction amount growth of more than 30% have resulted in +40 bank card fee income for middle income.
The initial reduction of table adjustments and potential resources for traditional deposit and loan business; the revenue structure was further optimized, and the proportion of fees and commission income continued to remain above 30%.
The daily average scaled down slightly (Yo-1).
3%, time point YoY6.
6%), the total assets of interbank and bond investment decreased by 5 shares compared with the end of the previous year, and debt-side deposits (average daily price of 8 year-on-year.
7%, point in time YoY13.
2%) positive growth, while peer-to-peer debt has been reduced.
In terms of credit investment, the real estate, leasing business and construction industries experienced rapid growth.
Defective rate 1.
59 was flat in the same period of last year, the write-off disposal accelerated, and the trend needs follow-up confirmation.
The company’s ending non-performing interest rate1.
59%, but unchanged from the end of last 西安耍耍网 year.
The Bohai Rim has grown rapidly, and the Yangtze River Delta has improved. The Pearl River Delta, Midwest, and Northeast China have stabilized and declined. At the same time, the non-performing balance of retail loans has grown rapidly.
The company’s annualized credit cost is 1.
54%, with a loan-to-lending ratio of 2 at the end of the period.
78% and provision coverage costs 175%.
The company’s 90-day overdue and bad scissors have all been closed, write-off disposal efforts (1.
(32% nearly doubled from last year).
However, the company has grown rapidly within three months after the due date, and changes in asset quality need to be observed.
We slightly adjusted the company’s EPS to 0 in 2019 and 2020.
70 yuan and 0.
76 yuan, the final net asset is expected to be 6 at the end of 2019.
09 yuan (excluding 武汉夜网论坛 dividends), calculated at the closing price of March 28, 2019, the corresponding PE for 2019 and 2020 is 5, respectively.
9 and 5.
4 times, corresponding to 0 at the end of 2019.67 times.
In 2018, the company proposed a new strategy of transforming into a “first-class wealth management bank”.
During the year, we saw changes in the company’s return to traditional business, promoting outlets, revenue, and technological transformation, and the results gradually appeared.
Considering the company’s first-mover advantage and accumulation in retail, especially asset management, and investment banking, we maintain our optimistic judgment on the improvement of company performance. In the future, we need to continue to observe the speed of asset quality improvement and the success of gradual strategic transformation.Hold rating.
Risk warning: asset quality fluctuates, conversion is less than expected