Shanghai Pudong Development Bank (600000) Q3 2025 earnings summary

Executive summary

• Achieved steady growth in asset and liability scale, with total assets reaching RMB 9.89 trillion, up 4.55% from year-end 2024; total deposits up 9.19% and total loans up 5.20%.

• Net profit attributable to shareholders for the first nine months was RMB 38.82 billion, up 10.21% year-over-year; Q3 net profit was RMB 9.08 billion, up 10.29% year-over-year.

• Operating income for the first nine months was RMB 132.28 billion, up 1.88% year-over-year; Q3 operating income was RMB 41.72 billion, up 0.31% year-over-year.

• Asset quality improved, with NPL ratio at 1.29%, down 0.07 percentage points from year-end 2024; provision coverage ratio rose to 198.04%.

Financial highlights

• Net interest income for the first nine months was RMB 89.61 billion, up from RMB 86.22 billion year-over-year.

• Cost-to-income ratio improved to 27.53% from 28.00% year-over-year.

• Basic EPS for the first nine months was RMB 1.28, up 13.27% year-over-year; Q3 basic EPS was RMB 0.30, up 30.43%.

• Operating cash flow for the first nine months was RMB 165.48 billion, a significant turnaround from negative RMB 161.40 billion year-over-year.

Outlook and guidance

• Will continue to focus on five strategic business areas: technology finance, green finance, inclusive finance, pension finance, and digital finance.

• Plans to deepen digital transformation, optimize deposit structure, and enhance risk management.

• Intends to maintain steady loan growth, especially in key regions and industries, and further improve asset quality.