齐鲁银行2025年年报暨1Q26季报点评：息差有所回暖存贷快速扩张

表1：1Q26银行总资产规模为0.84万亿元，较上年末增长4.5%百万百万1Q26202520242023202220212020总资产840,528804,381689,539604,816506,013433,414360,232发放贷款及垫款400,246369,593325,539289,838248,914210,221167,496资产总额47.6245.9547.2147.9249.1948.5046.50金融投资365,916353,545300,801249,012203,374172,233145,967资产总额43.5343.9543.6241.1740.1939.7440.52现金及存放中央银行款项资产总额35,8334.2641,2165.1239,3935.7139,5216.5337,9357.5036,9098.5234,5889.60存放同业和其12,0179,2202,1874,8222,2722,7002,487资产总额1.431.150.320.800.450.620.69拆出资金2,2544,3712,8092,1271,871719714资产总额0.270.540.410.350.370.170.20衍生金融资产10799126146252343101资产总额0.010.010.020.020.050.080.03买入返售金融资产资产总额13,6861.6315,3581.9110,3511.5010,6181.763,1040.613,0000.692,7990.78总负债787,791750,717641,204562,992470,424400,809332,934吸收存款529,799497,960449,034408,106357,426298,458249,018负债总额67.2566.3370.0372.4975.9874.4674.80应付债券115,315116,26687,52164,89242,79739,65438,159负债总额14.6415.4913.6511.539.109.8911.46同业和其它金融机构存放款项32,61722,64115,65112,7689,79510,78711,061负债总额4.143.022.442.272.082.693.32向中央银行借款68,41761,20147,20145,55434,69526,97210,984负债总额8.688.157.368.097.386.733.30拆入资金4,8627,2264,3464,1483,2161,9021,802负债总额0.680.740.680.470.54公司公告，东北证券表2：1Q26银行营业收入同比增长13.0%，归母净利润同比增长14.0%百万/1Q26202520242023202220212020营业收入3,57713,13512,49611,95211,06410,1677,936YoY（）13.05.14.68.08.828.17.1——利息净收入2,79510,5199,0318,8778,5757,4856,414YoY（）16.916.51.73.514.616.79.1营收占比（）78.180.172.374.377.573.680.8——手续费及佣金净收入3871,1981,2641,1191,235947630YoY（）0.0(5.2)13.0(9.4)30.350.441.5营收占比（）10.89.110.19.411.29.37.9——投资收益3161,8981,7461,5499921,024822YoY（）(45.8)8.712.756.2(3.1)24.56.6营收占比（）8.814.514.013.09.010.110.4——其他收益77(109)(212)40626271170YoY（）139.148.5(152.3)55.0(63.2)909.5(77.5)营收占比（）2.1(0.8)(1.7)3.42.47.00.9营业支出1,9447,3597,3367,5307,2126,8475,087YoY（）10.60.3(2.6)4.45.334.67.4——税金及附加3713814512511310568YoY（）8.8(4.8)15.510.48.354.3(32.9)支出占比（）1.91.92.01.71.61.51.3——业务及管理费9543,7053,4133,1462,9172,6602,277YoY（）10.68.68.57.89.716.84.9支出占比（）49.150.346.541.840.438.944.8——信用减值损失9523,4953,6274,1454,1514,0512,726YoY（）10.5(3.6)(12.5)(0.2)2.548.611.1支出占比（）49.047.549.455.057.659.253.6营业利润1,6335,7765,1594,4223,8523,3202,849YoY（）16.111.916.714.816.016.56.7营收占比（）45.744.041.337.034.832.735.9净利润1,5675,7124,9454,2693,6313,0722,545YoY（）14.815.515.817.618.220.78.0营收占比（）43.843.539.635.732.830.232.1归母净利润1,5645,7134,9864,2343,5873,0362,519YoY（）17.818.018.220.57.7营收占比（）43.743.539.935.432.429.931.7公司公告，东北证券1Q26202520242023202220212020414,406382,8341Q26202520242023202220212020414,406382,834337,142300,193257,262216,622171,8248.213.612.316.718.826.122.6337,113304,574250,725216,483182,462153,229119,88610.721.515.818.619.127.821.481.379.674.472.170.970.769.8321,234289,534240,289208,024172,580141,994110,60410.920.515.520.521.528.421.177.575.671.369.367.165.564.415,87915,04010,4368,4599,88211,2359,2825.644.123.4(14.4)(12.0)21.025.33.83.93.12.83.85.25.477,29278,26086,41783,71074,79963,39351,939(1.2)(9.4)3.211.918.022.125.518.720.425.627.929.129.330.247,55953,85953,66846,56040,96032,682(11.7)0.415.313.725.327.312.416.017.918.118.919.08,1906,2784,7444,4744,1314,69330.532.36.08.3(12.0)20.32.11.91.61.71.92.7百万/百万/贷款总额贷款总额公司贷款YoY（）公司贷款YoY（）贷款总额——一般贷款YoY（）贷款总额——票据贴现YoY（）个人贷款贷款总额个人贷款YoY（）贷款总额——个人住房贷款YoY（）贷款总额——信用卡YoY（）贷款总额——其他22,51126,28025,29823,76618,30314,563YoY（）(14.3)3.96.429.825.723.4贷款总额5.97.88.49.28.48.5公司公告，东北证券表4：1Q26银行存款总额为5224.44亿元，较上年末增长6.7%百万/1Q26202520242023202220212020存款总额522,444489,531439,541398,077349,650293,003244,776YoY（）6.7211.3710.4213.8519.3319.7017.64公司存款253,970235,992218,574203,257186,582168,500120,367YoY（）7.627.977.548.9410.7339.9916.06存款总额48.6148.2149.7351.0653.3657.5149.17——公司活期存款86,65388,53593,52692,65984,44074,890YoY（）(2.13)(5.34)0.949.7312.7517.39存款总额17.7020.1423.4926.5028.8230.60——公司定期存款149,339130,039109,73293,92384,06045,478YoY（）14.8418.5116.8311.7384.8413.94存款总额30.5129.5927.5726.8628.6918.58个人存款268,474253,539220,812194,820163,068124,503103,847YoY（）5.8914.8213.3419.4730.9719.8921.54存款总额51.3951.7950.2448.9446.6442.4942.43——个人活37,61434,69834,79638,48728,03527,049YoY（）8.40(0.28)(9.59)37.283.6415.50存款总额7.687.898.7411.019.5711.05——个人定期存款215,925186,114160,024124,58196,46876,798YoY（）16.0216.3028.4529.1425.6123.82存款总额44.1142.3440.2035.6332.9231.37其他存款0015500020,561YoY（）8.71存款总额0.000.000.040.000.000.008.40公司公告，东北证券图1：2025年银行净息差为1.53%净息差（）2.232.292.232.292.272.152.021.961.741.511.53

生息资产收益率（） 计息负债成本率（）432102017 2018 2019 2020 2021 2022 2023 2024 2025公司公告，东北证券图2：1Q261.03%0.02个百分点不良率（，左轴）不良率（，左轴） （，右轴）2.191.681.641.541.491.43355.911.35357.481.291.261.191.05322.381.03303.58281.06253.95205.27 207.08192.68204.09214.60171.03

6002350102015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 公司公告，东北证券

100图3：1Q26银行资本充足率绝对值水平较高 （） 1率（）14.9714.7214.478（）15.1714.8014.49 14.5013.8712.9312.6812.4112.0911.5411.7711.6411.6311.7911.1511.3511.6111.349.4210.6310.7510.2810.1610.169.499.659.567.911514131211109872016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26公司公告，东北证券附表：财务报表预测摘要及指标财务报表（百万人民币）2024A2025A2026E2027E2028E重要指标2024A2025A2026E2027E2028E利润表成长指标（YoY,）净利息收入9,03110,51910,83411,33712,041贷款总额（含贴现）12.3113.5510.5210.759.15利息收入20,97521,80023,08724,47525,804存款总额10.0310.908.757.907.04利息支出(11,944)(11,280)(12,253)(13,138)(13,762)营业收入4.555.124.586.057.28手续费及佣金净收入1,2641,1981,2261,2551,284净利息收入1.7316.482.994.646.21其他收入2,1891,3991,6771,9772,303手续费及佣金净收入12.97-5.232.362.322.36营业收入12,49613,13513,73714,56915,629拨备前利润2.973.895.206.297.32税金及附加(145)(138)(144)(153)(164)归母净利润17.7714.5812.6713.0113.26管理费用(3,413)(3,705)(3,838)(4,046)(4,336)结构指标（）拨备前利润8,9279,2749,75610,37011,129手续费及佣金净收入/营业收入10.129.128.938.618.22资产质量拨备(3,767)(3,498)(3,248)(3,016)(2,801)个人贷款/贷款总额25.6320.4413.8213.0812.56利润总额5,1575,7736,5057,3518,326个人存款/存款总额49.6751.0751.4551.4250.97所得税12)(61)(68)(77)(88)质量指标（）净利润4,9455,7126,4367,2748,238不良率1.191.051.000.970.97少数股东损益421111拨备覆盖率322.38355.91355.91355.91355.91归母净利润4,9865,7136,4377,2758,239拨贷比3.833.743.563.453.44资产负债表盈利能力指标（）生息资产680,564792,816874,992972,6271,078,657净息差1.511.371.431.361.30贷款及垫款（净额）324,224368,530407,424451,453492,761净利差1.441.331.481.401.35同业资产15,34628,94929,23829,53