最会赚钱的银行
银行科技 苏越 · 零壹财经 2024-05-10 阅读:25848
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作者 | 苏越 来源 | 零壹财经
4月24日盘后,成都银行(601838.SH)发布2023年度报告及2024年第一季度报告。随着这一超预期的业绩数据出炉,次日成都银行股价快速攀升4.63%达到14.90元,为2022年7月以来的新高。
截至5月9日,成都银行股价收于15.15元,相对于财报发布前一天上涨6.39%,显著高于银行板块的3.24%。
2023年,成都银行资产规模达到万亿以上,营业收入、经营利润、净利润分别突破210亿元、160亿元、110亿元关口,加权平均净资产收益率18.78%,连续四年位列上市银行最佳,可以说是最会赚钱的银行。
2023年,成都银行实现了营收与利润同步增长,存贷规模持续高增,资产质量持续向好,但也面临着息差收窄、中收下滑、涉房不良率上升、贷款劣变压力增大、资本充足率相对较低限制信贷规模增长等挑战。
面临净利差和净息差收窄的行业困境,成都银行净利润增长靠的是规模扩大、非息收入增加、以及信用减值损失计提减少,其中投资收益大增23.48%。
规模高增背后,成都银行资本充足率同比下降0.26个百分点,在上市银行中排名靠后。信贷规模的增长空间面临压力,为长期保持高增长,成都银行持续扩大资产规模。
该行全年信贷投放量突破3300亿元,创下历史新高,且向科创、绿色、普惠等方向倾斜;异地分行全年存贷款新增较上年同期均接近翻番,占全行新增贡献近三成。
一、投资收益及信用减值贡献大
数据显示,2023年成都银行营收217.02亿元,同比增加7.22%,净利润116.71亿元,同比增加16.22%,基本每股收益3.01元/股,同比增加11.9%。该行加权平均净资产收益率18.78%,财报表示已连续四年位列上市银行最佳。
2024年一季度,公司营收56.38亿元,同比增加6.27%,净利润28.51亿元,同比增加12.83%,基本每股收益0.75元/股(未年化),同比增加10.29%。
从收入构成来看,营收增量中,净利息收入和非息收入中的投资收益、公允价值变动损益贡献较大。
成都银行2023年利息净收入176.54亿元,同比增加6.87%,占营收比重81.34%,与2022年末的81.61%基本持平;实现非利息净收入40.48亿元,同比增加8.73%。
表1:成都银行2023年营业收入结构
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)
来源:公司财报,零壹智库
成都银行同样面临着净利差和净息差收窄的问题,但优于行业平均水平。数据显示,截至2023年末公司净利差为1.73%,较2022年末下降0.27个百分点;净息差为1.81%,较2022年末下降0.23个百分点。而2023年全国商业银行净息差为1.69%,较上年末下降0.22个百分点。
非利息收入中,成都银行2023年手续费及佣金净收入略有下滑,同比下降2.25%至6.62亿元,其中理财中收下降9.8%至4.05亿元。
在投资收益方面,2023年成都银行收入增长23.48%至31.74亿元。年报中提到,该行在2023年提升金融市场业务收益贡献度,债券投资规模突破2300亿元,资本利得逐年攀升。
此外,非息收入中增长最显著的是公允价值变动损益及受其影响计入其他综合收益的两项,2023年该行发生公允价值变动损益15.77亿元,同比增加192.91%,占净利润8.93%。
成都银行2023年营业收入增长主要是净利息收入和非息收入同比增长共同拉动,推高净利润的则是营收增长和信用减值损失计提减少。
在净利润增长的背后,始终维持高拨备覆盖率的成都银行在2023年减少计提了约14亿的信用减值准备,占净利润7.93%。2023年,成都银行信用减值损失计提19.79亿元,同比下降41.54%。
与此同时,2023年末其拨备覆盖率达504.29%,同比增长2.73个百分点,在上市银行中排名前列,依然有较大释放利润的空间。
二、存贷规模持续高增,信贷向科创倾斜
早在2023年年中,成都银行总资产便已突破万亿,成为西部首家资产规模超过万亿的城商行。截至2023年末,成都银行资产总额10912.43亿元,同比增加18.92%,负债总额10199.23亿元,同比增加19.12%,资产负债率达106.99%。
近年来成都银行存贷款规模快速扩张,2023年末吸收存款、发放贷款分别站上7800亿元、6200亿元新台阶,连续三年实现千亿级增长。
非利息收入中,成都银行2023年手续费及佣金净收入略有下滑,同比下降2.25%至6.62亿元,其中理财中收下降9.8%至4.05亿元。
在投资收益方面,2023年成都银行收入增长23.48%至31.74亿元。年报中提到,该行在2023年提升金融市场业务收益贡献度,债券投资规模突破2300亿元,资本利得逐年攀升。
此外,非息收入中增长最显著的是公允价值变动损益及受其影响计入其他综合收益的两项,2023年该行发生公允价值变动损益15.77亿元,同比增加192.91%,占净利润8.93%。
成都银行2023年营业收入增长主要是净利息收入和非息收入同比增长共同拉动,推高净利润的则是营收增长和信用减值损失计提减少。
在净利润增长的背后,始终维持高拨备覆盖率的成都银行在2023年减少计提了约14亿的信用减值准备,占净利润7.93%。2023年,成都银行信用减值损失计提19.79亿元,同比下降41.54%。
与此同时,2023年末其拨备覆盖率达504.29%,同比增长2.73个百分点,在上市银行中排名前列,依然有较大释放利润的空间。
二、存贷规模持续高增,信贷向科创倾斜
早在2023年年中,成都银行总资产便已突破万亿,成为西部首家资产规模超过万亿的城商行。截至2023年末,成都银行资产总额10912.43亿元,同比增加18.92%,负债总额10199.23亿元,同比增加19.12%,资产负债率达106.99%。
近年来成都银行存贷款规模快速扩张,2023年末吸收存款、发放贷款分别站上7800亿元、6200亿元新台阶,连续三年实现千亿级增长。
表2:成都银行2023年存贷款规模变动
来源:公司财报,零壹智库
来源:公司财报,零壹智库
从资本充足率指标来看,截至2023年末,该行资本充足率12.89%,同比下降0.26个百分点;核心一级资本充足率为8.22%,从2021年末的8.70%持续下降。
在上市银行中,成都银行的资本充足率和核心一级资本充足率排名靠后,信贷规模的增长空间面临压力,为长期保持高增长,只有持续扩大资产规模。
近年,成都银行通过发行各类债券方式募资,以进一步补充资本、降低负债成本、优化负债结构。财报数据显示,截至2023年末成都银行应付债券余额1402.51亿元,较2022年增加1.51%。
值得一提的是,该行全年信贷投放量突破3300亿元,创下历史新高。截至2023年末,成都银行省内异地分行信贷余额约800亿元,较年初增幅约40%;异地分行全年存贷款新增较上年同期均接近翻番,全行新增贡献近三成。
近年来,成都银行大力实施异地分行的计划,该行管理层曾在2023年一季度业绩说明会上表示,将继续推进异地分行对公存款提升贡献行动,更加突出重庆、西安异地分行“主力军”作用。
截至2023年末,成都银行重庆分行的资产规模为335.98亿元,较上年末增长14.46%,而成都银行西安分行的资产规模为482.51亿元,较上年末增长11.85%。
在总量提升的同时,成都银行自2023年信贷结构也有所变动。从行业划分来看,租赁和商务服务业、批发和零售业、科学研究和技术服务业等八个行业贷款余额和占比均上升,房地产等十余个行业下降,其中,房地产业信贷占比由2022年末的8.42%降至2023年末的7.7%。
财报还提及,该行信贷资源向科创、绿色、普惠等方向倾斜。
科创金融上,截至2023年末,成都银行四川省内科技型企业贷款余额超400亿元,对成都市专精特新“小巨人”企业、科创板上市企业、创业板上市企业的综合金融服务覆盖率分别超过90%、80%、90%;支持高新技术企业超1700户,贷款余额超370亿元。
绿色贷款上,截至2023年末,该行绿色信贷余额405.08亿元,同比增幅53.96%,成功入围全国首批地方法人金融机构碳减排支持工具资格。成都银行发行30亿绿色金融债券,资金主要投向清洁能源、资源综合利用、绿色交通等类别。
普惠金融上,该行全年普惠贷款增量再创历史新高,但具体数据未披露,普惠贷款不良率0.65%;普惠型涉农贷款增长59.76%。
此外,依托“链主+上链中小微”整体授信模式,截至2023年末,成都银行累计支持重点产业链上企业超3000户,运用各类信贷产品累计投放贷款超1000亿元。
三、不良率行业最优,逾期数据隐忧
截至2023年末成都银行不良贷款总额42.38亿元,不良贷款率0.68%,较2022年末下降0.1个百分点,实现八年连降。这一不良率水平在2023年A股上市银行中最低。
2024年一季度末,成都银行不良率为0.66%,较上年末下降0.02个百分点;拨备覆盖率504.29%,风险抵御能力保持上市银行第一梯队。
在上市银行中,成都银行的资本充足率和核心一级资本充足率排名靠后,信贷规模的增长空间面临压力,为长期保持高增长,只有持续扩大资产规模。
近年,成都银行通过发行各类债券方式募资,以进一步补充资本、降低负债成本、优化负债结构。财报数据显示,截至2023年末成都银行应付债券余额1402.51亿元,较2022年增加1.51%。
值得一提的是,该行全年信贷投放量突破3300亿元,创下历史新高。截至2023年末,成都银行省内异地分行信贷余额约800亿元,较年初增幅约40%;异地分行全年存贷款新增较上年同期均接近翻番,全行新增贡献近三成。
近年来,成都银行大力实施异地分行的计划,该行管理层曾在2023年一季度业绩说明会上表示,将继续推进异地分行对公存款提升贡献行动,更加突出重庆、西安异地分行“主力军”作用。
截至2023年末,成都银行重庆分行的资产规模为335.98亿元,较上年末增长14.46%,而成都银行西安分行的资产规模为482.51亿元,较上年末增长11.85%。
在总量提升的同时,成都银行自2023年信贷结构也有所变动。从行业划分来看,租赁和商务服务业、批发和零售业、科学研究和技术服务业等八个行业贷款余额和占比均上升,房地产等十余个行业下降,其中,房地产业信贷占比由2022年末的8.42%降至2023年末的7.7%。
财报还提及,该行信贷资源向科创、绿色、普惠等方向倾斜。
科创金融上,截至2023年末,成都银行四川省内科技型企业贷款余额超400亿元,对成都市专精特新“小巨人”企业、科创板上市企业、创业板上市企业的综合金融服务覆盖率分别超过90%、80%、90%;支持高新技术企业超1700户,贷款余额超370亿元。
绿色贷款上,截至2023年末,该行绿色信贷余额405.08亿元,同比增幅53.96%,成功入围全国首批地方法人金融机构碳减排支持工具资格。成都银行发行30亿绿色金融债券,资金主要投向清洁能源、资源综合利用、绿色交通等类别。
普惠金融上,该行全年普惠贷款增量再创历史新高,但具体数据未披露,普惠贷款不良率0.65%;普惠型涉农贷款增长59.76%。
此外,依托“链主+上链中小微”整体授信模式,截至2023年末,成都银行累计支持重点产业链上企业超3000户,运用各类信贷产品累计投放贷款超1000亿元。
三、不良率行业最优,逾期数据隐忧
截至2023年末成都银行不良贷款总额42.38亿元,不良贷款率0.68%,较2022年末下降0.1个百分点,实现八年连降。这一不良率水平在2023年A股上市银行中最低。
2024年一季度末,成都银行不良率为0.66%,较上年末下降0.02个百分点;拨备覆盖率504.29%,风险抵御能力保持上市银行第一梯队。
表3:成都银行2023年末资产质量指标变动
来源:公司财报,零壹智库
来源:公司财报,零壹智库
从不同行业的贷款质量来看,该行2023年房地产行业不良贷款余额11.74亿元,同比大幅增加53.68%,不良贷款率也由2022年末的2.4%增加至3.04%;房地产业发放贷款规模占全行发放贷款总额的7.7%,比例不高,但房地产业不良贷款占总不良贷款比例高达27.7%。
2023年成都银行贷款质量进一步提升,与该行公司贷款中占比提高的几个行业不无关系,其中投放贷款占比最高的租赁和商务服务业不良率为0.19%,较2022年降低0.08个百分点。
此外,报告期内,该行全面风险管理系统群全部完成投产,精控风险体系持续完善。该行普惠贷款不良率0.65%,低于整体不良率水平。
贷款迁徙率可以动态地反映银行资产质量的变化趋势。这一点上,成都银行2023年末正常类贷款迁徙率为0.38%,同比下降0.09个百分点,结合关注类贷款迁徙率为47.59%,则正常类贷款最后下迁为不良贷款的比例为0.18%,低于当前的不良贷款率0.68%。
不过,成都银行关注类贷款及以下向下迁徙的速度较快,且从五级分类结构看,该行关注类、次级类和损失类贷款数额均增加,次级类贷款增幅较明显(同比增加62.17%)。
2023年成都银行贷款质量进一步提升,与该行公司贷款中占比提高的几个行业不无关系,其中投放贷款占比最高的租赁和商务服务业不良率为0.19%,较2022年降低0.08个百分点。
此外,报告期内,该行全面风险管理系统群全部完成投产,精控风险体系持续完善。该行普惠贷款不良率0.65%,低于整体不良率水平。
贷款迁徙率可以动态地反映银行资产质量的变化趋势。这一点上,成都银行2023年末正常类贷款迁徙率为0.38%,同比下降0.09个百分点,结合关注类贷款迁徙率为47.59%,则正常类贷款最后下迁为不良贷款的比例为0.18%,低于当前的不良贷款率0.68%。
不过,成都银行关注类贷款及以下向下迁徙的速度较快,且从五级分类结构看,该行关注类、次级类和损失类贷款数额均增加,次级类贷款增幅较明显(同比增加62.17%)。
表4:成都银行2021-2023年贷款迁徙率指标变动
来源:公司财报,零壹智库
![](https://file.01caijing.com/article/202405/C1C9EC94F406402.png)
来源:公司财报,零壹智库
从成都银行的逾期贷款期限结构上看,除逾期3年以上的贷款数额,其他三项均呈上升趋势,其中逾期1至90天、90天至1年的贷款数额及占比的增长幅度较大。
表5:成都银行2023年末逾期贷款期限结构
来源:公司财报,零壹智库
来源:公司财报,零壹智库
逾期1年以内的逾期贷款数量呈上升趋势,其中逾期90天至1年的贷款数额大增约180%,占比大幅增长约12个百分点。这些贷款多从2022年四季度起逾期,一定程度上反映出新生成不良贷款对银行造成的压力。
成都银行未披露不良生成率,但从逾期1年以内的数额和占比大幅同比增长来看,不良生成率可能不低于上一年。
贷款迁徙率指标显示,成都银行当下增量好于存量。而根据不良贷款滞后经济下滑两年的经验,贷款劣变压力可能不断增大,2023年报告期末的逾期贷款期限结构指标这一先行指标也反映了这一点。
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