报告：上市银行净息差连续5年收窄 不同银行拓展非息收入策略分化

Core Insights - The report by Ernst & Young highlights the challenges faced by listed banks in China, including a "low interest rate, low spread" environment and increased external uncertainties, prompting banks to adopt both growth and efficiency strategies for high-quality development [1][2] Group 1: Financial Performance - The average net interest margin for 58 listed banks in 2024 is projected to be 1.52%, a decrease of 17 basis points from the previous year, marking a continuous decline for five years [1] - By the end of 2024, total assets of listed banks are expected to reach 315.62 trillion yuan, reflecting a year-on-year increase of 7.45% [2] Group 2: Revenue Structure - Non-interest income is increasingly seen as a cost-effective way to alleviate pressure on capital adequacy ratios, leading banks to diversify their revenue streams beyond traditional lending [2] - Large commercial banks are leveraging their full-license operations to expand into financial investments, wealth management, and insurance, while smaller banks focus on local customer needs and services [2] Group 3: Investment Trends - Financial investments have risen to account for 30.51% of total assets by the end of 2024, with a notable increase in bond investments, which constitute 87.63% of financial investments [3] - Agricultural Bank of China reported the highest growth in financial investments at 23.5%, with Industrial and Commercial Bank of China and Bank of China also showing significant increases [3] Group 4: Liability Management - The trend of increasing time deposits continues, with the proportion of time deposits reaching 59.23% by the end of 2024, up 1.66 percentage points from the previous year [3] - To stabilize net interest margins, banks are advised to enhance liability quality management and explore diversified funding sources while balancing asset and liability management [4] Group 5: Capital Adequacy - By the end of 2024, the average core Tier 1 capital adequacy ratio for listed banks is expected to rise to 11.53%, an increase of 0.47 percentage points from the previous year [4] - The implementation of new capital regulations and support from government policies are anticipated to further strengthen the capital base of listed banks [5]