Since the performance report has been released before, investors have already understood the main financial indicators of Shanghai Pudong Development Bank, which seems to be basically consistent with the audited financial report data disclosed today. The financial report shows that in 2005, the total assets of Shanghai Pudong Development Bank reached 573.067 billion yuan, an increase of11753.4 billion yuan, an increase of 25.80%. The balance of local and foreign currency loans was 377.222 billion yuan, a net increase of 663./kloc-0.8 billion yuan or 265.438+0.33% compared with the beginning of the year. The balance of various deposits of the company was 505.576 billion yuan, with a net increase of 654.38+009.605 billion yuan or 27.68% compared with the beginning of the year. The income from main business * * * was RMB 2,654,380,467,000, and the profit before tax was RMB 42,365,438,000, a net increase of RMB 65,438,654,380,082,000 over the same period, with an increase of 38.77%; After-tax profit was 2.485 billion yuan, an increase of 555 million yuan, a year-on-year increase of 28.78%. Shareholders' equity is 65.438+05.526 billion yuan, earnings per share is 0.635 yuan, net assets per share is 3.97 yuan, and the return on net assets reaches 16.0 1%. The company's capital adequacy ratio is close to the bottom line, which is 8.04%. The board of directors of the company put forward the distribution plan of dividend per 10 ordinary share 1.3 yuan RMB (including tax).
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The NPL ratio of Shanghai Pudong Development Bank decreased to 1.97%.
□ United Securities Zhang Dawei Company
In 2005, Shanghai Pudong Development Bank (600,000 yuan) realized the main business income of 2146.7 million yuan and the pre-tax profit of 4231000 million yuan, a net increase of1.182 million yuan, an increase of 38.77%. After-tax profit was 2.485 billion yuan, an increase of 555 million yuan, a year-on-year increase of 28.78%. Earnings per share is 0.635 yuan, net assets per share is 3.97 yuan, and the return on net assets reaches 16.05438+0%.
Capital constraint has become the biggest constraint of development.
After the refinancing plan was frustrated in 2005, the capital adequacy ratio approaching the bottom line of 8% became an important constraint for the development of Shanghai Pudong Development Bank. Compared with Minsheng Bank, although the capital adequacy ratio is close to the bottom line of 8%. However, the capital constraint of Minsheng Bank is far less than that of Shanghai Pudong Development Bank. Because, by the end of 2005, the core capital adequacy ratio of Minsheng Bank was 4.8%, and there is still room to supplement secondary capital by issuing hybrid securities. At present, Minsheng Bank has planned to issue 4.3 billion hybrid securities. It is estimated that after the issuance of hybrid securities, the capital adequacy ratio of Minsheng will increase to around 9.5%. However, the core capital adequacy ratio of Shanghai Pudong Development Bank is only 4. 1%, so there is little room for further issuance of hybrid securities. Under the current core capital adequacy ratio, up to 750 million bonds can be issued, raising the capital adequacy ratio to 8.26%. Therefore, due to the tight core capital of Shanghai Pudong Development Bank, the current capital constraints are even more severe.
Fortunately, the reform of non-tradable shares has begun, and refinancing will not be too far away. Once the refinancing pace is delayed for a long time again, in order not to hinder further development, Shanghai Pudong Development Bank can only replenish its capital by applying for special approval and issuing additional shares to Citigroup.
Further strengthening risk control has become a bright spot.
In 2005, PUFA further strengthened risk control. If a vertically managed audit organization system has been established, a compliance department shall be established. Set off an "internal control storm" in terms of system, process and personnel management.
The strengthening of risk control and the collection of early defects reduced the defect rate from 2.45% to 1.97%. Although the NPL ratio has decreased, it still maintains the most prudent accrual policy in the industry. Different from Minsheng Bank's standard of extracting 654.38+0.2 billion general reserves from profits while reducing loan losses, Shanghai Pudong Development Bank again extracted 654.38+0.3 billion general reserves from profits, which not only did not reduce the proportion of normal loans, but further increased the interest-related loan standard from 4% to 5%, further increasing the company's risk reserve, and the provision coverage ratio was as high as 654.38+0.50000.00000000005
Generally, it is prepared for one-step extraction.
According to the Administrative Measures for the Withdrawal of Bad Debt Reserve of Financial Enterprises and the Notice on Relevant Issues Concerning the Withdrawal of Bad Debt Reserve, financial enterprises should withdraw general reserve from net profit as an integral part of owners' equity. The withdrawal amount shall not be less than 65438+ 0% of the ending balance of risky assets. The relevant regulations came into effect on July 1 2005, but they can be fully implemented in about three years. Compared with other banks, Shanghai Pudong Development Bank generally accrued 2 billion in the past. At present, the net weighted risk assets of Shanghai Pudong Development Bank is 353.6 billion yuan, and the original 2 billion yuan and the new 654.38+03 billion yuan have basically met the requirements of general preparation in one step. Only a small amount of extraction is needed in the future, leaving a large space for future profit distribution.
The proportion of intermediary business income has increased rapidly.
As an important part of business transformation, bank card and intermediary business have made rapid development. Compared with 2004, the number of Oriental cards issued increased by 40.93%, and the income of intermediary business increased by 35.06%. Although the proportion of intermediary business income is still small, the trend of rapid improvement has been reflected.
Market value management is put on the agenda
In the company's business objectives in 2006, the company thinks that it is more appropriate to seek the core indicators directly linked to market value or to determine market value as the basis for evaluating bank performance, and proposes to maximize market value as the future business objectives.
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Comments on the Annual Report of Shanghai Pudong Development Bank
In 2005, EPS was 0.635 yuan, BVPS was 3.97 yuan, ROE was 16.0 1%, increasing by 1.72 percentage points, and profitability continued to improve. Due to the slowdown in loan interest income, the profit growth rate before provision decreased to 20.05%. However, the company allocated a reserve ratio of 8 percentage points, which made the growth rate of net profit reach 28.78%, 5.5 percentage points higher than that in 2004. The contribution of the company's provision potential to the steady growth of performance began to manifest.
Loans increased by 265,438+0.33%, which structurally replaced some long-term loans. We think it may be mainly due to the slowdown in the growth of real estate consumption loans. The increase in the average interest rate of medium and long-term loans has continuously widened the deposit-loan spread and improved the loan yield.
Non-performing loans decreased by 2.2%, accounting for 65,438+0.97%, down by 0.48 percentage points; The overdue rate of 2.2% is basically in line with the non-performing rate, and the credit risk is carefully judged; Overdue loans increased by 27.39%, which is worthy of attention. The balance of bad debt reserve reached 65.438+0.057 billion, and the coverage rate of non-performing loans was 654.38+0.42.07%, much higher than that of peers.
The capital adequacy ratio is 8.04%, which will further curb the loan growth and business transformation expenses without issuing 700 million A shares. Fortunately, the company can still maintain its performance growth by reducing the provision ratio or releasing the original provision. Regardless of the problem of BVPS4.65 yuan and dynamic PB2.62 in 2006, the share reform will be reduced to 2.02 after paying the consideration, which is 9%- 14% compared with the reference PB 2.2-2.3 times.