成都银行：2024年中报点评：利润较快增长

Investment Rating - The investment rating for Chengdu Bank is "Buy" and is maintained [6][8]. Core Views - Chengdu Bank's net profit attributable to shareholders increased by 10.6% year-on-year in H1 2024, with a revenue growth of 4.3% [2][3]. - The bank's non-performing loan (NPL) ratio remained stable at 0.66%, indicating a favorable position within the industry [2][5]. - The decline in net interest margin (NIM) is a primary factor affecting profitability, while non-interest income showed strong growth [3][4]. Financial Summary - Chengdu Bank's net profit for H1 2024 was 6,167 million, with a year-on-year growth of 10.6% [12]. - Revenue for the same period was 11,585 million, reflecting a 4.3% increase [12]. - The bank's NIM decreased by 13 basis points to 1.57% in Q2 2024, primarily due to a drop in asset yield [4][12]. Profitability and Forecast - The forecast for net profit growth is 10.27% for 2024, 5.35% for 2025, and 5.63% for 2026, with corresponding book values per share (BPS) of 19.55, 22.04, and 24.67 respectively [6][13]. - The current price corresponds to a price-to-book (PB) ratio of 0.77 for 2024, indicating an 18% upside potential [6][12]. Asset Quality - The NPL ratio at the end of H1 2024 was 0.66%, with a slight increase in the attention loan ratio to 0.45% [5][12]. - The bank's provision coverage ratio decreased to 496%, reflecting a slight decline in asset quality metrics [5][12]. Capital Adequacy - The core Tier 1 capital adequacy ratio was reported at 8.56%, with a total capital adequacy ratio of 12.90% [14][12]. - The bank's capital structure remains robust, supporting its growth and operational stability [14][12].