INDUSTRIAL BANK(601166) 新浪财经·2025-03-28 06:32Core Viewpoint - Industrial Bank reported a revenue of 212.2 billion yuan for 2024, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 77.2 billion yuan, up 0.1% year-on-year [1] Revenue and Profit Analysis - The bank's net interest income continued to grow steadily, supporting revenue, while profit growth turned positive, reflecting improved operational margins and management's focus on stable performance expectations [1] - The revenue growth of 0.7% in 2024 was lower than the 1.8% growth in the first nine months, and net profit showed a slight recovery from a 3% decline in the same period [1] Income Sources - Net interest income increased by 1.1% year-on-year, contributing 0.8 percentage points to revenue growth, with volume growth contributing 4 percentage points and margin contraction dragging down by 3.2 percentage points [1] - Non-interest income declined by 0.3% year-on-year, negatively impacting revenue growth by 0.1 percentage points, primarily due to a 13% drop in fee income [1][2] Asset Quality and Risk Management - The non-performing loan (NPL) ratio decreased by 1 basis point to 1.07% in Q4 2024, with the provision coverage ratio increasing by 4.2 percentage points to 238% [1][4] - The NPL generation rate for 2024 was estimated at 0.93%, down from 1.08% in 2023, indicating a stable improvement in asset quality [3][4] Loan Growth and Sector Focus - The number of corporate clients increased by 9.6% year-on-year to 1.54 million, with a significant focus on sectors such as technology, green finance, and inclusive finance [2] - Loan growth slowed in Q4 2024 to 5% due to active bill reduction, but a recovery is expected in 2025 [2][3] Dividend Policy - The dividend payout ratio increased to over 30%, marking 15 consecutive years of increases, with a projected dividend yield of 4.93% for 2025 [3] Future Outlook - The bank anticipates a return to positive profit growth and a sustainable recovery in its profit statement, with revised profit growth forecasts for 2025-2027 [6]