邮储银行2024中报点评：对公贷款贡献规模扩张，资产质量保持平稳

Investment Rating - The investment rating for Postal Savings Bank is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on the bank's performance metrics and growth potential. Core Insights - The bank reported a slight decline in operating income by 0.11% year-on-year, totaling 176.789 billion yuan, and a net profit attributable to shareholders of 48.815 billion yuan, down 1.51% year-on-year [1][2] - The asset scale reached 16.4 trillion yuan, with a year-on-year growth of 8.5%, driven primarily by a 10.7% increase in loan scale, particularly a 15% growth in corporate loans [2][3] - The bank's net interest margin was reported at 1.91%, slightly down from the previous quarter, while the cost of deposits decreased by 6 basis points to 1.48% [2][3] - The non-performing loan ratio stood at 0.84%, with a slight increase of 1 basis point from the end of the previous year, indicating stable asset quality [3][4] - The bank's return on average total assets (ROAA) was 0.61%, and the return on average equity (ROAE) was 11.43% [1][4] Summary by Sections Financial Performance - Operating income for 2024H was 176.789 billion yuan, a decrease of 0.11% year-on-year - Net profit attributable to shareholders was 48.815 billion yuan, down 1.51% year-on-year - The annualized average return on total assets was 0.61%, and the annualized weighted average return on equity was 11.43% [1][4] Asset and Loan Growth - Total assets reached 16.4 trillion yuan, with an 8.5% year-on-year growth - Loan scale increased by 10.7%, with corporate loans growing by 15% - Personal small loans reached 1.54 trillion yuan, up 10.26% year-on-year [2][3] Risk and Asset Quality - Non-performing loan ratio was 0.84%, with a slight increase of 1 basis point - The non-performing loan generation rate improved to 0.74%, down 11 basis points from the previous year [3][4] Profitability Forecast - Expected net profit growth rates for 2024-2026 are 10.59%, 9.38%, and 12.32% respectively, indicating a positive outlook for profitability [4]