Our reporter Su Xiangqiao and Yang Jie

As of the evening of April 4, the first quarterly reports of the six major state-owned banks had all been disclosed. According to the reporter's statistics, in the first quarter, the six major banks achieved a total net profit attributable to the parent of 28.3590 billion yuan, a year-on-year increase of 4.1%.

What has attracted much market attention is that the net interest margin of the six major state-owned banks in the first quarter of this year has all decreased year-on-year compared with the first quarter of last year. In addition, the net interest margin of 5 state-owned banks in the first quarter was lower than the level of the whole year of 2022.

Net profit growth slowed

In the first quarter, due to the continuous narrowing of net interest margin, the profit growth rate of state-owned banks slowed down.

In contrast, in the first quarter, the net profit attributable to the parent of Industrial and Commercial Bank of China, Construction Bank, Agricultural Bank of China, Bank of China, Postal Savings Bank and Bank of Communications was 901.6 billion yuan, 887.4 billion yuan, 715.5 billion yuan, 576.6 billion yuan, 262.8 billion yuan and 246.3 billion yuan, an increase of 0.02%, 0.26%, 1.75%, 0.50%, 5.22% and 5.63% respectively.

Specifically, ICBC said that in the first quarter, the group achieved a net profit of 907.70 billion yuan, a year-on-year increase of 0.50%; operating income was 2184.61 billion yuan, down 3.52% year-on-year; Net interest income was RMB1684,12 million, down by 4.79%.

The decline in net interest margin was one of the important reasons for the decline in net interest income. ICBC mentioned that the annualized net interest rate (NIM) fell to 1.77% due to the comprehensive impact of factors such as the lagging reflection of the loan market quotation rate (LPR) reduction and the continuation of deposit regularization. The trend of interest margin has the characteristics of industry and stage, and the bank will make concerted efforts at both ends of assets and liabilities to continuously optimize the structure and keep NIM in a reasonable range.

In addition, the Agricultural Bank of China mentioned that the group achieved a net profit of 721.15 billion yuan in the first quarter, an increase of 2.83% over the same period of the previous year. The annualized average return on total assets was 0.82%, down 0.12 percentage points year-on-year, and the annualized weighted average return on equity was 12.60%, down 0.79 percentage points year-on-year.

In the first quarter, Agricultural Bank of China achieved operating income of 1893.65 billion yuan, a year-on-year increase of 2.24%. Net interest income was RMB1456.07 billion, down 3.54% year-on-year. The net interest yield was 1.70%. Net income from fees and commissions was RMB325,49 million, up 2.78% year-on-year.

Regarding the trend of net interest margin, at the first quarter results briefing held by the Agricultural Bank of China on April 4, Fu Wei, deputy general manager of the asset and liability management department of the Agricultural Bank of China, predicted that the net interest margin of the Agricultural Bank of China will face certain downward pressure in 28, but the marginal decline is expected to gradually ease.

In addition, Bank of China mentioned that in the first quarter of this year, the group achieved a net profit of 617.25 billion yuan, a year-on-year increase of 2.53%. Average return on total assets (ROA) 0.83% and return on equity (ROE) 11.14%. The Group achieved net interest income of RMB1173.34 billion, an increase of RMB76.88 billion or 7.01% year-on-year. Net interest margin 1.70%.

China Construction Bank said that in the first quarter, the group achieved a net profit of 891.47 billion yuan, an increase of 2.03% over the same period of the previous year. Annualized average return on assets was 1.00%, and annualized weighted average return on equity was 12.86%. Net interest income was RMB1530,82 million, down 4.10% from the same period last year. Net interest yield was 1.83%, mainly affected by the reduction in LPR and the overall decline in market interest rates.

Bank of Communications achieved operating income of 670.79 billion yuan in the first quarter, a year-on-year increase of 5.51%; achieved a net profit (attributable to shareholders of the parent company) of 246.33 billion yuan, a year-on-year increase of 5.63%; The annualized average return on assets and the annualized weighted average return on equity were 0.75% and 11.47%, respectively, down 0.03 percentage points and 0.21 percentage points year-on-year, respectively.

In addition, PSBC achieved a net profit attributable to shareholders of the bank of 262.8 billion yuan in the first quarter, a year-on-year increase of 5.22%; Operating income was 881.63 billion yuan, a year-on-year increase of 3.51%; Among them, the net income from fees and commissions was 115.86 billion yuan, a year-on-year increase of 27.5%, continuing to maintain a rapid growth rate, and the proportion of medium income increased by 2.47 percentage points year-on-year.

The non-performing rate was flat for 3 and decreased for 3

From the perspective of asset quality, the non-performing loan ratio of the six major state-owned banks has remained stable overall.

At the end of the first quarter, ICBC's non-performing loan balance was 3375.91 billion yuan, an increase of 164.21 billion yuan over the end of the previous year, and the non-performing loan ratio was 1.38%, unchanged from the end of the previous year. The provision coverage ratio was 213.57%, up by 4.10 percentage points.

The Agricultural Bank of China mentioned that at the end of the first quarter, the bank's non-performing loan balance was 2878.98 billion yuan, an increase of 168.36 billion yuan over the end of the previous year; the non-performing loan ratio was 1.37%, the same as the end of the previous year. The provision coverage ratio was 302.61%, an increase of 0.01 percentage points over the end of the previous year.

At the end of the first quarter, CCB's non-performing loans were 3096.27 billion yuan, an increase of 168.02 billion yuan over the end of the previous year. The non-performing loan ratio was 1.38%, unchanged from the end of the previous year. The provision coverage ratio was 241.68%, an increase of 0.15 percentage points over the end of the previous year.

Bank of China mentioned that at the end of the first quarter, the total non-performing loans of the group were 2184.01 billion yuan, the non-performing loan ratio was 1.18%, down 0.14 percentage points from the end of the previous year, and the non-performing loan provision coverage ratio was 202.56%, up 13.83 percentage points from the end of the previous year.

The non-performing ratio of the Bank of Communications has improved. At the end of the first quarter, its non-performing loan balance was 1029.45 billion yuan, an increase of 44.19 billion yuan or 4.49% over the end of the previous year; The non-performing loan ratio was 1.34%, down 0.01 percentage points from the end of the previous year; the provision coverage ratio was 183.25%, up 2.57 percentage points from the end of the previous year; and the provision ratio was 2.46%, up 0.02 percentage points from the end of the previous year.

Postal Savings Bank mentioned that as of the end of the first quarter, the non-performing loan ratio was 0.82%, down 0.02 percentage points from the end of the previous year, and the provision coverage ratio was 381.12%, continuing to maintain the industry's excellent level.