中国银行行业：24Q3南京银行业绩点评：经测算净息差企稳回升，不良率平稳

Investment Rating - The report does not explicitly state an investment rating for the Bank of Nanjing, but it provides relevant financial metrics for evaluation, such as a 2024 estimated P/B of 0.7x and a P/E of 5.7x, compared to industry averages of 0.6x and 5.6x respectively [1][3]. Core Insights - The Bank of Nanjing reported a Q3 2024 revenue growth of 8.4% year-on-year and a net profit attributable to the parent of 10.2% year-on-year. For the first three quarters of 2024, revenue grew by 8.0% and net profit increased by 9.0% [1][3]. - The net interest margin (NIM) has stabilized at 1.10% for Q3 2024, showing a quarter-on-quarter increase of 6 basis points. The yield on interest-earning assets rose by 5 basis points to 3.31% [2][3]. - The non-performing loan (NPL) ratio remained stable at 0.83%, while the special mention loan ratio increased slightly [2][3]. Financial Performance Summary - For Q1-3 2024, the annualized ROA decreased by 0.03 percentage points to 0.92%, and the annualized ROE decreased by 0.17 percentage points to 15.08%. The Core Tier 1 capital adequacy ratio declined by 0.55 percentage points to 9.02% [1][3]. - The net interest income for Q1-3 2024 showed a year-on-year increase of 1.4%, with Q3 net interest income growing by 8.7% [2][3]. - The net fee and commission income for Q1-3 2024 increased by 11.7% year-on-year, with a slight narrowing compared to the first half of 2024 [2][3]. Asset Quality and Loan Growth - The total loan amount increased by 12.5% compared to the end of 2023, with corporate loans contributing 84.9% of the loan growth at a rate of 14.3% [2][3]. - The deposit structure showed a 2.4% increase in total deposits, with personal deposits rising by 7.0%, leading to a 1.4 percentage point increase in the proportion of personal deposits to 32.5% [2][3].