1. **Revenue and Profit Growth Both Rebound** BANKCOMM (601328.SH) reported revenue of RMB 199.645 billion and net profit attributable to shareholders of RMB 69.994 billion for the first three quarters of 2025, representing year-on-year growth of 1.80% and 1.90%, respectively. The growth rates rebounded by 1.02 percentage points (pct) and 0.29 pct compared to the first half of the year. In Q3 alone, revenue reached RMB 66.277 billion, up 3.92% YoY, while net profit attributable to shareholders rose 2.46% YoY to RMB 23.978 billion. The annualized weighted ROE for the first three quarters stood at 8.48%, down 0.58 pct YoY. The growth was primarily driven by asset expansion and provision reversals, though net interest margin (NIM) remained a drag.

2. **Steady Asset Growth** Total assets as of September 2025 grew 6.2% YoY to RMB 15.50 trillion. Loans (excluding accrued interest) increased 7.5% YoY to RMB 9.07 trillion, though the growth rate slowed by 1.38 pct compared to the first half. New loans in the first three quarters totaled RMB 516.3 billion, with corporate, personal, and bill financing loans contributing RMB 415.4 billion, RMB 93.6 billion, and RMB 7.3 billion, respectively. Corporate loans rose by RMB 76.4 billion YoY, while personal loans declined by RMB 106.1 billion, reflecting weak retail credit demand. Q3 saw new loans of RMB 72.9 billion, down RMB 101.5 billion YoY, with corporate and personal loans decreasing by RMB 31.6 billion and RMB 58.2 billion, respectively. The core Tier 1 capital adequacy ratio was 11.37%, down 0.05 pct from June.

3. **NIM Decline Narrows; Strong Non-Interest Income Contribution** The NIM for the first nine months was 1.20%, down 1 basis point (bp) from Q2 and 7 bps from the full year of 2024, indicating a narrowing decline. Net interest income rose 1.5% YoY to RMB 128.648 billion, with growth accelerating by 0.26 pct compared to the first half. Net fee and commission income grew 0.15% YoY to RMB 29.398 billion, turning positive, while other non-interest income surged 25.4% YoY to RMB 25.585 billion, making a significant contribution.

4. **Stable Asset Quality** The non-performing loan (NPL) ratio improved to 1.26% as of September, down 2 bps from June. The provision coverage ratio rose 0.41 pct to 209.97%, while the special-mention loan ratio declined 2 bps to 1.57%, reflecting overall stable asset quality.

5. **Investment Recommendation** (Omitted)

6. **Risk Warning** A weakening macroeconomic environment could adversely affect the bank's asset quality.