成都银行2025%261Q26业绩点评：息差回升表现亮眼业绩韧性增长蓄力前行

图表1:营收归净润比速 图表2:利润比速业均比营业收入 归母净利润40302010

40商业银行城商行成都银行30商业银行城商行成都银行20100-101Q201H209M2020201Q211Q201H209M2020201Q211H219M2120211Q221H229M2220221Q231H239M2320231Q241H249M2420241Q251H259M2520251Q261Q201H209M2020201Q211H219M2120211Q221H229M2220221Q231H239M2320231Q241H249M2420241Q251H259M2520251Q26司公告 司公告图表3:业绩归因分析（累计）1Q251Q251H259M252025生息资产平均规模归母净利润284.33.05.37.65..210.2168.20.0.1-00.0.00.0.10.00.0少数股东损益0.50.1.8-00.30.0.9.7-2-4.6所得税.5-20.03.0.21.2.1.712.322拨备计提0.00.30.0.10..3-00.00.0净营业外收入0.20.3.7-00.80.1.5.1-1.5-2成本费用0.1-1.3-4.5-30.80.1.20.7.8-1净其他非息.7-0.4-1.8-1.5-2.2-10.1.4-00.5中收6..0-5.6-5.4-60.1-12.4-10.9-1-5.1净息差.111.413.813.014.913.017.817.6191Q2620242023业绩 计）司公告 正证券研究所图表4:各项资产负债余额及增长情况期末余额(亿元）1Q242Q243Q244Q241Q252Q253Q254Q251Q26贷款合计6,8967,0657,2117,4138,0628,3348,4628,5848,929公司贷款（含票据贴现）5,6525,7915,8846,0266,6526,8967,0007,0807,427个人贷款1,2431,2741,3271,3871,4101,4381,4621,5041,503现金及存放中央银行款项628741780678664701642601825同业资产1,1581,1721,0719459377807248881,018金融投资3,2143,1313,2623,5533,7943,9994,1164,0004,076资产总计11,78612,00312,21612,50113,34813,72213,85313,98514,752吸收存款8,3468,5678,7478,8599,6489,8359,8649,88610,380向中央银行借款568553524208380417448527649同业负债410410470425477463475443634应付债1,61,5981,6152,0491,8541,9511,8791,9901,922负债合11,011,26111,44611,64212,46212,83712,83412,99113,722单季增长（亿元）1Q242Q243Q244Q241Q252Q253Q254Q251Q26贷款合计651169146202649272128121346公司贷款（含票据贴现）6411389314262624410479347个人贷款1031536023282442-1现金及存放中央银行款项-19311339-102-1437-58-42224同业资产44814-101-126-8-157-56164130金融投资-8-83131291241205118-11676资产总计874217213285847374130132767吸收存款5422211801127891873021495向中央银行借款16-15-29-316172373178123同业负债60060-4452-1412-32191应付债券232-3617435-19596-72112-68负债合计841221185196819375-2157730同比增速1Q242Q243Q244Q241Q252Q253Q254Q251Q26贷款合计26.722.822.218.716.918.017.415.810.8公司贷款（含票据贴现）30.225.924.920.317.719.119.017.511.6个人贷款14.110.411.512.513.412.910.28.56.6现金及存放中央银行款项10.0-4.512.3-17.45.7-5.5-17.6-11.424.3同业资产40.440.38.733.0-19.1-33.5-32.4-6.08.7金融投资3.64.43.410.318.127.726.212.67.4资产总计19.616.714.914.613.314.313.411.910.5吸收存款16.814.613.813.515.614.812.811.67.6向中央银行借款94.389.686.4-62.3-33.0-24.6-14.5152.970.7同业负债26.783.649.621.616.312.91.14.132.8应付债券18.75.31.746.113.522.116.4-2.93.7负债合计19.917.315.014.112.914.012.111.610.1司公告 正证券研究所余额（亿元）同比增速图表5:各项贷款余额及增长情况余额（亿元）同比增速1H2320231H2420241H2520251H2320231H2420241H25202贷款合计5,7546,2447,0657,4138,3348,58426.228.322.818.718.01公司贷款4,5885,0085,7746,0126,6766,86331.232.625.920.015.6租赁和商务服务业1,6391,9602,5702,8193,3033,30052.850.956.843.828.5水利、环境和公共设施管理业8798739448779681,0057.87.67.40.52批发和零售业39442745050156263568.562.914.117.1制造业44244346344746049019.812.44.60.9房地产业38338636932628327719.421.2-3.7-15建筑业22725026730230830618.923.317.7科学研究和技术服务业10911712614014717168.671.915.5交通运输、仓储和邮政业10111211713114814724.735.015.6电力、热力、燃气及水生产和供应业9893971091091283.59.8-信息传输、软件和信息技术服务业8110611510411112252.455.8教育818280747769-3.89.9采矿业26293145545636.451金融业2927434252591585.7卫生和社会工作3940423734402.8农、林、牧、渔业20221721242691.文化、体育和娱乐业1920241918181住宿和餐饮业171918161610居民服务、维修和其他服务业333235票据贴人贷款1,1541,2331,2741,3871,438个人购房贷款8909159199991,027个人消费贷款及其他15918019922125个人经营贷款105138156167较年初增量（亿元）1H2320231H24202贷款合计8881,3798201,公司贷款8101,230767租赁和661610水利、环境和公共设施管理业67627批发和零售业132165制造业4949房地产业6567建筑业24科学研究和技术服务业41交通运输、仓储和邮政业18电力、热力、燃气及水生产和供应业1信息传输、软件和信息技术服务业教育采矿业金融业卫生和社会工作文化、体育和娱乐业住宿和餐饮业居民服务、维修票据贴现个人贷款个人购个司公告 正证券研究所图表6:各项存款余额及增长情况司公告 正证券研究所图表7:净息差 图表8:资产负平均收益成率2.52.01.51.00.51Q211H219M211Q211H219M2120211Q221H229M2220221Q231H239M2320231Q241H249M2420241Q251H259M2520251Q26

净息差（单季测算值）

4.44.24.03.83.63.43.23.0

生息资产收益率（单季测算值）计息负债成本率（单季测算值；右轴）

2.42.22.01.81.41.21.0司公告 司公告图表9:细分资产/负债平均收益/成本率发放贷款及垫款其中：公司贷款和垫款个人贷款和垫款存放中央存放和拆放同业及其他金融机构款项买入返售金融资产债券及其他投资总生息资产客户存款其中：公司活期存款公司定期存款个人活期存款个人定期存款应付债券总计息负债净利差净息

收益/成本率（累计）1H23 2023 1H24 2024 1H25 20254.734.61 4.41 4.36 4.06 3.964.784.70 4.55 4.52 4.26 4.164.524.28 3.77 3.63 3.12 3.0614 1.423.233.20 3.61 3.45 2.83 2.691.851.95 2.13 2.05 1.98 1.833.983.86 3.42 3.36 2.96 2.794.124.02 3.88 3.84 3.57 3.46收益/成本率（累计）1H23 2023 1H24 2024 1H22.222.23 2.21 2.161.021.04 0.982.632.62 2.50.390.393.2232.68

同比变动（bp）1H23 2023 1H24 2024 1H25-29 -32 -32 -25 --25 -25 -23 -18-48 -58 -752100 -6-5司公告不良率关注率逾期率图表10:不良及瞻标 图表11:不良同业均不良率关注率逾期率1.41.21.00.80.60.20.0

2.5商业银行城商行成都银行商业银行城商行成都银行1.51.00.51Q211H219M211Q211H219M2120211Q221H229M2220221Q231H239M2320231Q241H249M2420241Q251H259M2520251Q261Q211H211Q211H219M2120211Q221H229M2220221Q231H239M2320231Q241H249M2420241Q251H259M2520251Q26不良贷款率环比变动（bp）不良贷款率环比变动（bp）不良贷款余额（亿元）不良贷款余额占比1H23 2023 1H24 2024 1H25贷款合计 41.26 42.38 46.70 48.88 54.81公司贷款 34.53 35.65 38.04 37.99 40.68租赁和商务服务业 3.67 3.77 3.74 3.22 3.22水利、环境和公共设施管理业 0.03 0.03 0.53 0.43 0.33批发和零售业 5.11 4.66 7.20 8.89 11.75制造业 6.90 5.19 5.34 7.23 7.15房地产业 8.30 11.74 6.71 7.00 6.89建筑业 6.78 6.73 10.64 6.41 6.50科学研究和技术服务业 0.14 0.11 0.11 0.11 0.10交通运输、仓储和邮政业 0.06 0.01 0.01 0.01 0.03电力、热力、燃气及水生产和供应业0.11 0.00 0.00 0.60 0.60信息传输、软件和信息技术服务业 0.02 0.02 0.06 0.23 0.22教育 0.13 0.13 0.13 0.14 0.14采矿业 0.32 0.30 0.30 0.30 0.29金融业 0.00 0.00 0.00 0.00 0.00卫生和社会工作 0.00 0.00 0.00 0.00 0.00农、林、牧、渔业 0.06 0.05 0.38 0.38 0.38文化、体育和娱乐业 0.00 0.00 0.00 0.77 0.77住宿和餐饮业 2.23 2.23 2.23 2.23 2.23居民服 0.68 .08个人贷款 6.73 4.13个人购房贷款 4.09 10.61个人消费贷款及其他 0.68 1.95个人经营贷款 1.44 1.57202558.6441.913.400.2315.068.357.924.040.200.030.560.380.140.280.000.000.380.770.100.0816.7312.102.582.051H2320231H2420241H252025100.00100.00100.00100.00100.00100.0083.688.900.0812.3816.7220.1216.440.330.140.260.050.320.770.000.000.140.005.4084.138.910.0810.9912.2627.7015.890.260.010.000.050.310.720.000.000.110.005.254.101.281.345.831.401.437.751.521.619.921.643.489.683.023.1781.458.001.1315.4111.4314.3622.790.240.010.000.120.280.650.000.000.810.004.771.4518.5512.492.993.0777.736.590.8818.1814.8014.3213.110.230.011.220.480.280.610.000.000.781.584.560.22.15.853.113.3074.225.870.6121.4413.0512.5811.860.190.051.090.390.250.540.000.000.691.404.0671.485.790.4025.6914.2413.506.880.340.040.950.660.230.480.000.000.651.310.1719.373.562.8620.634.403.491H2320231H2420241H2520251H2320231H2420241H252025贷款合计0.720.680.660.660.660.68-6-4-2002公司贷款0.000.710.660.630.590.59-8571-5-3-40租赁和商务服务业0.220.190.150.110.100.10-5-3-4-4-10水利、环境和公共设施管理业0.000.000.060.050.030.02006-1-2-1批发和零售业1.301.091.601.782.092.37-68-2151183128制造业1.561.171.151.621.551.7047-39-247-715房地产业2.173.041.822.152.442.85-2387-122332941建筑业2.992.693.982.122.111.32-47-30129-186-1-79科学研究和技术服务业0.120.090.090.080.070.12-10-30-1-15交通运输、仓储和邮政业0.060.010.010.000.020.020-50-120电力、热力、燃气及水生产和供应业0.110.000.000.550.550.43-4-110550-12信息传输、软件和信息技术服务业0.030.020.050.220.190.31-2-1317-312教育0.160.160.160.190.180.20-2003-12采矿业1.211.060.970.660.550.51-99-15-9-31-11-4金融业0.00.000.00000000卫生和0.00.000.000