民生银行:小微金融助力高增长神话延续

Minsheng bank: small micro financial power high-growth myth continue

The company belongs to the parent company net profit realization in 2012 37.55 billion, up 34.5%, profits to maintain rapid growth. The fourth quarter small micro loan again hair force, the future development space is enormous, small micro business and professional branch for the company profit will be stable growth injection lasting power, to maintain "strongly recommend - A" investment rating.

12 years minsheng bank belongs to the parent company net profit year-on-year growth of 34.5%, in line with expectations. 12 years business income is 103.1 billion yuan, the total profit of 50.7 billion yuan, year-on-year growth of 25.2%, respectively, 36.2%. Among them, the cost due to seasonal growth reason, fourth quarter net profit fell 10.4% in the third quarter link.

Small micro loan for the strength, the future development space is enormous. And the end of the year, the company the loan amount is 1.38 trillion yuan, at the end of the third quarter link add about 35 billion yuan. Among them, the company small micro loan balance in late November 300 billion yuan, a breakthrough in late September increase 20 billion yuan, considering the December holidays intensive, and at the same time, the end of the year circulating capital demand, December small micro loan should is still the main growth, the whole four quarter small micro loan balance growth or over 30 billion yuan, the company loans to small micro business resources to tilt. The future development of the company strategy will still strong focus on small micro finance, 13 years small micro loan balance growth or up to 100 billion yuan.

Asset scale rapid growth, trade assets into the main contribution. And the end of the year, the total assets of 3.21 trillion yuan, the year increase of 44%, among them, the fourth quarter growth of 14.2% in the third quarter for link, increase 400 billion yuan. Once upon a time in the third quarter to see, purchases of resale financial assets and loan become the main asset scale growth.

Fourth quarter net loan growth of about 32 billion yuan, therefore, the expansion of the scale of assets should be mainly comes from the trade asset growth, especially the purchases of resale the increase of financial assets.

Bad small increase, dial, dial the credit provision for stable than standard. At the end of December, fraction defective is 0.76%, link up 4 un-drained bp, Q4 is prevented non-performing loans increase 800 million yuan, and the first three quarters to keep balance. According to the provisions of operating income 58% profit before measuring, four quarter provision for dial 2.1 billion yuan, and the third quarter is flat; And the end of the year dial the credit ratio is 2.53%, and link percentile ascension and bp; A provision coverage is 333%.

Maintain valuation logic, to maintain "strongly recommend - A" : retail bank characteristics have become increasingly prominent, valuation should enjoy premium, will certainly to receive market revaluation. 13-14 years is expected to net profit is respectively 44.1 billion, 51.4 billion yuan, EPS to 1.56 yuan, 1.81 yuan, the corresponding 13 years PE5.6 times, PB1.2 times, maintain "strongly recommend - A".