成都银行：2024半年报：净利润同比增长10.6%，非息表现较好

Investment Rating - The report maintains an "Accumulate" rating for Chengdu Bank (601838.SH) [1] Core Views - Chengdu Bank's net profit growth has slowed to 10.6% year-on-year, primarily due to a decline in net interest income amid slowing credit growth and decreasing interest margins [3][9] - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio stable at 0.66% and a provision coverage ratio of 496.04% [27] - The bank's business structure is continuously optimizing, with significant contributions from wealth management and infrastructure loans [6][21] Financial Performance Summary - Revenue and Profit Forecasts: - Revenue (in million CNY): 2024E: 20,240; 2025E: 21,701; 2026E: 22,957 [1] - Net Profit (in million CNY): 2024E: 10,042; 2025E: 11,670; 2026E: 12,850 [1] - Earnings per Share (CNY): 2024E: 2.69; 2025E: 3.06; 2026E: 3.37 [1] - Growth Rates: - Revenue growth rate (yoy%): 2024E: 5.8%; 2025E: 5.9%; 2026E: 8.5% [1] - Net profit growth rate (yoy%): 2024E: 10.1%; 2025E: 8.3%; 2026E: 9.8% [1] Asset and Liability Management - Loan Growth: - Total loan issuance in Q2 was 16.92 billion CNY, a significant decrease of 15.38 billion CNY year-on-year [5][17] - Infrastructure loans accounted for 84% of new loans, reflecting a strong focus on public sector lending [21] - Deposit Growth: - New deposits totaled 74.52 billion CNY in the first half of 2024, down 18.2% year-on-year [18][23] - The proportion of savings deposits increased to 48.6%, with a growth rate of 25.4% [21][23] Non-Interest Income - Performance: - Non-interest income grew by 13.8% year-on-year, driven by a 31.9% increase in management fees from wealth management products [25] - Other non-interest income also turned positive, growing by 10.5% [25] Asset Quality - Indicators: - NPL ratio remains stable at 0.66%, with a slight increase in the overdue rate to 0.9% [27] - Provision coverage ratio decreased slightly to 496.04% [27]