金改前沿｜2024年股价涨幅居首 上海银行资产质量风险出清？

Core Viewpoint - Shanghai Bank achieved a remarkable stock price increase of 68.98% in 2024, leading among 42 A-share listed banks, while also reporting stable operating performance with increased revenue and profit alongside a decrease in non-performing loans [2] Group 1: Financial Performance - In 2024, Shanghai Bank reported a net interest margin decline of 0.17 percentage points to 1.17%, indicating challenges in maintaining profitability [3] - The bank's net interest income ended a three-year decline, showing a 4.65% year-on-year increase in the first quarter of 2024, improving the revenue structure [3] - Shanghai Bank's operating performance is expected to maintain sustainable growth in 2025, supported by strategic leadership [2] Group 2: Asset Quality - Shanghai Bank's asset quality showed a positive trend in 2024, with both non-performing loan amounts and ratios declining for the first time in years [4] - The non-performing loan ratio decreased from 1.25% in 2022 to 1.18% in 2024, with a significant reduction in new non-performing loans [4] - The bank's provision coverage ratio has remained around 270% over the past three years, exceeding the average level of listed banks [4] Group 3: Real Estate Business - Shanghai Bank's real estate business risks have been reducing, with a notable improvement in loan quality and a steady decline in non-performing loan ratios [6] - The bank's commercial real estate loan ratio is planned to decrease by 1.5 percentage points in 2025, reflecting a cautious approach to real estate lending [6] - Support for affordable housing and urban renewal projects has been emphasized, with significant loan increases in these areas during the first quarter of 2024 [6]