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中国银行行业：24Q3平安银行业绩点评：个贷增长和质量有待改善
2024-10-21 08:14

Investment Rating - The report provides a 2024E P/B of 0.5x and a 2024E P/E of 5.1x for Ping An Bank, with a TTM dividend yield of 8.0%, compared to industry averages of 0.6x, 5.6x, and 4.6% respectively [3][6]. Core Insights - Ping An Bank's Q3 2024 revenue decreased by 11.7% year-on-year, while net profit attributable to the parent fell by 2.8%. For the first three quarters of 2024, revenue declined by 12.6% year-on-year, but net profit increased by 0.2% [3][6]. - The annualized ROA for Q3 2024 was 0.96%, down 0.07 percentage points year-on-year, and the annualized ROE was 12.67%, down 1.24 percentage points year-on-year [3][6]. - The net interest margin continues to narrow, influenced by both pricing and structural factors, with a Q3 2024 net interest margin of 1.87%, down from 1.93% in Q1-3 2024 [4][6]. Summary by Sections Revenue and Profitability - Q3 2024 revenue was down 11.7% year-on-year, and net profit attributable to the parent decreased by 2.8%. For the first three quarters, revenue was down 12.6% year-on-year, while net profit increased by 0.2% [3][6]. Asset Quality - The overall non-performing loan (NPL) ratio was 1.06%, a decrease of 1 basis point from the previous month. The corporate loan NPL ratio remained stable at 0.66%, while the personal loan NPL ratio increased by 1 basis point to 1.43% [4][5][6]. Loan and Deposit Trends - Total loans decreased by 0.7% compared to the end of 2023, with corporate loans increasing by 11.6% and personal loans decreasing by 9.6%. Deposits increased by 3.7%, with personal deposits rising by 5.2% [4][5][6]. - The proportion of personal loans has been declining for five consecutive quarters, with a 7.0 percentage point decrease to 52.8% in Q3 2024 [4][5]. Fee Income and Cost Efficiency - Net fee and commission income decreased by 18.5% year-on-year, with fee income down by 20.6%. However, investment income increased by 63.1%, serving as a major growth driver [5][6]. - The cost-to-income ratio for the first three quarters of 2024 was 27.4%, an increase of 0.85 percentage points year-on-year [5][6].