NJBK(601009) 中国银河·2024-10-25 03:00Investment Rating - The report maintains a "Recommended" rating for the company, reflecting confidence in its future development and performance [4][5]. Core Insights - Revenue and net profit growth continue to improve, with operating income reaching 38.558 billion yuan, a year-on-year increase of 8.03%, and net profit attributable to shareholders at 16.663 billion yuan, up 9.02% year-on-year [3][4]. - The company has seen a significant increase in retail loan issuance, with a year-on-year growth of 7.3% in retail loans, and a total loan amount growth of 12.52% compared to the end of the previous year [3][4]. - Non-interest income has also shown strong growth, with a 19.84% increase year-on-year, driven by the performance of wealth management products [3][4]. Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved operating income of 38.558 billion yuan, a year-on-year increase of 8.03%, and net profit attributable to shareholders of 16.663 billion yuan, up 9.02% year-on-year. The annualized weighted average ROE was 15.08%, a slight decrease of 0.17 percentage points [3][4]. - In Q3 2024, revenue and net profit grew by 8.38% and 10.2% year-on-year, respectively [3]. Loan and Deposit Growth - As of September 2024, the total loan amount increased by 12.52% compared to the end of the previous year, with corporate loans growing by 14.34% and retail loans by 7.3% [3][4]. - The company’s deposit growth was 2.42% year-on-year, with a notable increase in the proportion of time deposits [3]. Non-Interest Income and Wealth Management - Non-interest income reached 18.944 billion yuan, reflecting a year-on-year growth of 19.84%. The intermediary business income was 3.504 billion yuan, up 11.71% year-on-year [3][4]. - The balance of wealth management products reached 441.323 billion yuan, an 18.02% increase from the end of the previous year [3]. Asset Quality - As of September 2024, the non-performing loan ratio was 0.83%, and the coverage ratio was 340.4%, indicating a stable asset quality [4]. - The core Tier 1 capital adequacy ratio stood at 9.02%, reflecting a solid capital position [4].