银行2024年2季度经营数据点评：息差企稳，业绩改善

Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - The net profit growth rate of most banks has improved, with state-owned banks showing significant recovery due to a positive turnaround in non-interest income [1] - The banking sector is shifting focus from scale to quality, with total asset growth slowing to 7.3% in the first half of the year, down nearly 2 percentage points from the first quarter [2] - The net interest margin has stabilized, with the second quarter's margin at 1.54%, unchanged from the first quarter, and a narrowing decline for joint-stock banks [3] - Asset quality remains stable, with a non-performing loan ratio of 1.56%, down 3 basis points from the previous quarter, and a provision coverage ratio of 209%, up 5 percentage points [4] - The capital adequacy ratio is stable at 15.5%, with slight increases across various bank types [5] Summary by Sections Profitability - Most banks have seen an increase in net profit growth, with state-owned banks showing significant recovery due to a shift from negative to positive non-interest income growth [1] Scale - The total asset growth rate for commercial banks in the first half of the year was 7.3%, reflecting a shift in focus from scale to structural quality [2] Net Interest Margin - The net interest margin for commercial banks was 1.54% at the end of the second quarter, with joint-stock banks experiencing a narrowing decline in their margins [3] Asset Quality - The non-performing loan ratio was 1.56%, a decrease of 3 basis points, while the attention rate increased to 2.22% [4] Capital - The capital adequacy ratio stood at 15.5%, with slight increases noted across different types of banks [5] Investment Recommendations - The report recommends focusing on Shanghai Pudong Development Bank, which is in a recovery phase with improving credit costs and increased lending activity [6] - It also suggests paying attention to Jiangsu Bank for its high dividend yield [6]