银行研究框架及2024H1业绩综述：如何看财务报表、经营情况、识别风险-全年利润增速有望延续季度改善趋势

Industry Investment Rating - The report does not explicitly provide an overall industry investment rating [1] Core Views - The full-year profit growth rate is expected to continue the quarterly improvement trend [1] - In 2024H1, the overall revenue and profit growth rates of listed banks were -1.95% and 0.37% respectively, with profit growth turning positive for the year [2] - The decline in net interest margin has significantly narrowed due to factors such as deposit repricing and the cancellation of manual interest subsidies, and the profit growth rate is expected to continue improving throughout the year [3] Financial Performance Overview - In 2024H1, the revenue growth rate of listed banks was -1.95%, and the profit growth rate was 0.37%, with profit growth turning positive for the year [2] - The net interest margin for listed banks in 2024H1 was 1.55%, a decrease of 14bps compared to 2023 [2] - The overall non-performing loan ratio of listed banks was 1.25%, unchanged from the end of 2024Q1, and the provision coverage ratio was 244%, an increase of 0.66pc from the end of the previous quarter [3] Asset Structure and Growth - The total assets of listed banks in 2024Q2 were 293.2 trillion yuan, an increase of 4.31% from the beginning of the year, with loans growing faster than assets, accounting for 56.63% of total assets [15] - The loan balance of listed banks in 2024Q2 was 166.0 trillion yuan, an increase of 5.88% from the beginning of the year, accounting for 56.63% of total assets [15] - The investment asset balance of listed banks in 2024Q2 was 84.9 trillion yuan, accounting for 28.94% of total assets, an increase of 4.94% from the beginning of the year [15] Loan Structure - The corporate loan ratio of listed banks in 2024Q2 was 59.5%, an increase of 1.94pc from the end of 2023, while the personal loan ratio was 35.8%, a decrease of 1.31pc [26] - The corporate loan structure of listed banks in 2024Q2 was dominated by infrastructure and manufacturing, with infrastructure loans accounting for 28.0% and manufacturing loans accounting for 10.7% [31] - The real estate loan ratio of listed banks in 2024Q2 was 5.2%, unchanged from the end of 2023 [31] Interest Income and Non-Interest Income - The net interest income growth rate of listed banks in 2024H1 was -3.4%, a decrease of 0.4pc from 2024Q1, with the net interest margin decline narrowing significantly [3] - The net fee and commission income growth rate of listed banks in 2024H1 was -12.0%, a decrease of 1.7pc from 2024Q1, mainly due to the decline in insurance and fund industry rates and the high base of the previous year [3] - The other non-interest income growth rate of listed banks in 2024H1 was 20.3%, an increase of 0.9pc from 2024Q1, mainly due to the strong performance of the bond market in the first half of the year [3] Asset Quality and Provisioning - The overall non-performing loan ratio of listed banks in 2024Q2 was 1.25%, unchanged from the end of 2024Q1, and the provision coverage ratio was 244%, an increase of 0.66pc from the end of the previous quarter [3] - The provision for asset quality was relatively stable, with a year-on-year decrease of 8bps in provision, supporting the net profit growth rate to be better than revenue growth [3]