北京银行(601169)点评报告:零售业务加快发展 资产质量明显改善

Bank of Beijing (601169) Review Report: Retail Business Has Accelerated Development and Asset Quality Has Improved Significantly

萬聯證券 ·  04/10  · Researches

Key elements of the report

On April 8, 2023, the Bank of Beijing released its 2022 annual results report.

Key points of investment:

Net profit returned to the mother in 2022 increased 11.4% year on year: on the revenue side, the narrowing of net interest spreads reduced the growth rate of net interest income; the rapid development of large wealth management businesses led to a rapid increase in net income from fees in 2022, reaching a year-on-year growth rate of 19.04%. On the cost side, provision planning efforts have declined, making a positive contribution to profits

Retail business transformation continues to advance: retail AUM reached 974.9 billion yuan at the end of 2022, an increase of 90.5 billion yuan over the beginning of the year, a growth rate of 10.23%. The number of retail customers reached 27.53 million, an increase of 1.87 million over the beginning of the year, an increase of 7.3%. The number of private bank customers reached 12,915, an increase of 15.22%. Retail banks achieved revenue of 22.1 billion yuan, a year-on-year growth rate of 21.7%, and the revenue contribution reached 34.1%, an increase of 6 percentage points over the previous year.

The light-capital business is developing rapidly: every effort has been made to build a large wealth management system. The scale of wealth management products managed by Bank of Beijing Wealth Management reached 303.8 billion yuan, and the scale of proxy private equity products increased by 52.2% over the beginning of the year. Agency and commission business revenue reached 5.615 billion yuan during the same period, with a year-on-year growth rate of 33.85%. In addition, settlement and clearing business revenue reached $1,016 million, an increase of 26.68% over the previous year.

Strict risk classification standards, the non-performing rate declined markedly compared to mid-2022: all corporate loans overdue for 60 days or more were included as bad, loans overdue for 90 days or more were included as bad, and the asset quality foundation was continuously consolidated. The non-performing rate at the end of 2022 was 1.43%, down 1BP from the beginning of the year and 21BP from the end of the year. The provision coverage rate was 210.04%, up 15.11% from the end of the year.

Profit forecasts and investment suggestions: In 2022, the company continued to increase its investment in technology, and the strategic development path of the “Digital Beijing Bank” became more clear. Focusing on optimizing the business structure and increasing retail business transformation, both retail business and intermediary business revenue grew rapidly. According to the latest company business data, the 2023/24 EPS forecast 1.15 yuan/1.31 yuan. According to the closing price of Bank of Beijing A shares on April 7 of 4.44 yuan, corresponding to 0.37 times PB in 2023, the increase rating was maintained.

Risk factors: The banking industry as a whole is greatly influenced by macroeconomic, monetary, and regulatory policies. Changes in the economy and related policies will have an important impact on bank operations. This includes changes in net interest spreads, asset quality expectations, etc.

This page is machine-translated. Futubull tries to improve but do not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.

Risk disclosure: The above content only represents the opinion of the authors or guests, and does not represent any positions of Futu or constitute any investment advice on the part of Futu. Before making any investment decision, investors should consider the risk factors related to investment products based on their own circumstances and consult professional investment advisers where necessary. Futu makes every effort to verify the authenticity, accuracy, and originality of the above content, but does not make any guarantees or promises.

    Write first comment