上市银行中报总结：银行行业：营收承压，非息与拨备支撑盈利平稳

Investment Rating - The report maintains a "Positive" outlook on the banking industry [1] Core Viewpoints - The banking sector is experiencing revenue pressure, but non-interest income and provisions are supporting stable profit growth. In the first half of 2024, listed banks reported a revenue decline of 1.95% year-on-year, while net profit attributable to shareholders increased by 0.37% year-on-year [8][11][35] Summary by Sections 1. Profit Performance - Revenue is slightly under pressure, with provisions supporting positive net profit growth. In 1H24, listed banks' revenue decreased by 1.95% year-on-year, while net profit increased by 0.37% year-on-year, showing a marginal improvement in growth rate [8][11] 2. Scale - Weak demand and market adjustments have led to a slowdown in asset expansion. In 1H24, the loan growth rate was 9%, with corporate loans growing at 11.9% and retail loans at 4% [12][14] - The overall deposit growth rate has slowed, with listed banks' deposits increasing by 4.4% year-on-year as of June, down 3.4 percentage points from the previous quarter [18] 3. Net Interest Margin - The average net interest margin for listed banks in 1H24 was 1.64%, a decrease of 21 basis points year-on-year. This decline is attributed to lower loan yields and a slower decrease in deposit costs [21][24] 4. Non-Interest Income - Non-interest income continues to face pressure, with fee and commission income declining by 12.03% year-on-year in 1H24. However, other non-interest income, driven by investment gains, increased by 20.31% year-on-year [26][27] 5. Asset Quality - Overall asset quality indicators remain stable, but retail risks have increased. The non-performing loan ratio for corporate loans decreased to 1.44%, while the ratio for retail loans increased to 1.01% [29][30] 6. Investment Recommendations - The report suggests a long-term positive outlook for the sector's allocation value, with a focus on high dividend yield assets and performance-driven banks for short-term opportunities [36][37]