Risk Analysis of SPD Bank's Personal Housing Non-Performing Loans Exceeding RMB 10 Billion

According to the latest disclosed data, the non-performing loan amount of SPD Bank’s personal housing loans

, reaching , an increase of 20.22 hundred million yuan from the end of the previous year, hitting a record high [1].

Time Period	Personal Housing Non-Performing Loan Amount (RMB 100 million)	YoY Change
2020	45.66	-
2021	51.71	+13.3%
2022	82.46	+59.5%
2023	82.46	Flat
2024	82.46	Flat
H1 2025	102.68	+24.5%

From 2020 to H1 2025, the personal housing non-performing loan amount of SPD Bank

, showing a significant worsening trend [1].

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• In H1 2025, the non-performing loan ratio of SPD Bank’s personal housing loans was
  1.11%
• The overall non-performing loan ratio of retail loans in the same period was
  1.65%
• The overall non-performing loan ratio was
  1.26%

From a horizontal comparison, the non-performing loan ratio of personal housing loans (1.11%) is lower than the overall non-performing loan ratio of retail loans (1.65%) and the bank’s overall non-performing loan ratio (1.26%), indicating that the housing loan business remains a relatively high-quality asset category for the bank [1].

• As of the end of H1 2025, the total real estate loans of SPD Bank reached
  13,342.66 hundred million yuan
• Of which, personal housing loans accounted for
  9,212.78 hundred million yuan
  , accounting for as high as
  69.05%
• Real estate loans account for
  23.68%
  of the bank’s total loans

The business structure dominated by personal housing loans (accounting for about 60%) makes the bank more sensitive to fluctuations in the real estate market [1].

• The full-year 2025 non-performing loan balance was
  719.90 hundred million yuan
  , a
  decrease of 11.64 hundred million yuan
  from the end of the previous year
• The non-performing loan ratio was
  1.26%
  , a
  decrease of 0.10 percentage points
  from the end of the previous year
• The provision coverage ratio was
  200.72%
  , an
  increase of 13.76 percentage points
  from the end of the previous year
• The deviation rates for overdue loans of 90 days and 60 days remained
  within 100%

Despite the increase in personal housing non-performing loans, the bank’s overall non-performing loan balance and non-performing loan ratio achieved a “double decline”, indicating that the bank’s overall risk management and control capabilities are still improving [2][3].

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• In recent years, China’s real estate market has continued to adjust, and falling housing prices have caused the property value of some borrowers to be lower than their loan balance
• Slowing economic growth has affected the repayment ability of some borrowers
• Fluctuations in the job market have increased the risk of repayment defaults

• The proportion of personal housing loans in retail loans is too high (about 69%)
• It is highly dependent on the real estate cycle, and its risk resistance is relatively weak

• The non-performing real estate loans accelerated their exposure during 2020-2022
• Some stock risks are still in the process of continuous exposure

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• The non-performing loan ratio of personal housing loans (1.11%) is still at a reasonable level in the industry
• The bank’s overall asset quality continues to improve, with a “double decline” in non-performing indicators
• The provision coverage ratio has risen to 200.72%, enhancing risk offset capabilities
• 2025 net profit was 500.17 hundred million yuan, a year-on-year increase of 10.52%, with stable profitability [2]

• The non-performing loan amount of personal housing loans continues to rise, exceeding the RMB 10 billion mark
• Large exposure to real estate loans (accounting for 23.68%), sensitive to real estate cycles
• Intermediary business income continues to be under pressure (net fee and commission income has declined for 5 consecutive years)
• The common equity tier 1 capital adequacy ratio is 8.87%, with slight pressure

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For investors focusing on SPD Bank, it is recommended to pay close attention to the following indicators:

Indicators to Monitor	Current Level	Risk Warning
Personal Housing Non-Performing Loan Ratio	1.11%	Need to monitor subsequent changes
Proportion of Real Estate Loans	23.68%	Large exposure
Provision Coverage Ratio	200.72%	Strong risk offset capability
Common Equity Tier 1 Capital Adequacy Ratio	8.87%	Slight pressure

The fact that SPD Bank’s personal housing non-performing loans have exceeded RMB 10 billion is a common industry issue amid the current real estate market adjustment cycle, but the bank’s overall asset quality remains within a controllable range. Given its double-digit growth in net profit, sufficient provisions, and overall improvement in asset quality, this risk will not pose a major threat to the bank’s operations in the short term, but it is necessary to continuously track the recovery of the real estate market and changes in related indicators.

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[1] WEMONEY Research Lab - “Behind SPD Bank’s Two Fines of Over RMB 10 Million: Intermediary Income Declined for 5 Consecutive Years, Personal Housing Non-Performing Loans Exceeded RMB 10 Billion” (https://news.qq.com/rain/a/20260112A0686P00)

[2] Shanghai Securities News - “First 2025 Performance Express of Listed Banks Released: SPD Bank’s Total Assets Exceed RMB 10 Trillion” (https://finance.sina.com.cn/roll/2026-01-13/doc-inhheixi7346523.shtml)

[3] Sina Finance - “SPD Bank’s 2025 Performance Express: Achieved Double Growth in Revenue and Net Profit” (https://finance.sina.com.cn/jjxw/2026-01-13/doc-inhhecrm7458650.shtml)

[4] Jinling API Data - Financial Analysis Data of SPD Bank (600000.SS)