SPD Bank (600000): In-Depth Report — A Fundamental Recovery Cycle with Strong Earnings Stability
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Key Views
- Guided by "five major tracks," balance-sheet expansion is accelerating; Yangtze River Delta loans reached RMB 2 trillion, or 35.11% of total.
- Through its group-wide sci-tech finance model, tech loans grew by over RMB 400 billion in 2025, lifting the balance above RMB 1 trillion — among the highest tech-finance intensity of any bank.
- Deposit costs fell a cumulative 58bp versus 2023, offsetting asset-yield pressure and helping the net interest margin stabilize.
- The NPL ratio has declined from its 2017 peak of 2.14% to 1.23% by 1Q26; write-off intensity has steadied, and the report believes peak asset-quality stress has passed. Provision coverage keeps rising.
Outlook
Net profit attributable to shareholders is forecast to grow 6%/5.3%/3.7% over 26E–28E, with static dividend yields of 4.99%/5.32%/5.43%; revenue should keep rising steadily and NPLs stay stable to lower.
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- SPD Bank (600000.SH) — upgraded to "Buy".