中国银行行业24Q3沪农商行业绩点评：净息差靠负债端成本管控支撑，资产质量稳定

Core Insights - The Shanghai Rural Commercial Bank reported a 0.6% year-over-year increase in revenue for Q3 2024, with a 1.2% increase in net profit attributable to shareholders [1][4] - For the first three quarters of 2024, revenue grew by 0.3% year-over-year, while pre-provision operating profit decreased by 3.3% year-over-year [1][4] - The annualized ROA for Q1-3 2024 decreased by 0.07 percentage points year-over-year to 0.97%, and the annualized ROE dropped by 1.11 percentage points year-over-year to 11.70% [1][4] Financial Performance - The net interest margin (NIM) for Q1-3 2024 was 1.47%, down 2 basis points from H1 2024, with Q3 NIM at 1.45%, a decrease of 4 basis points from Q2 2024 [2][5] - Net interest income for Q1-3 2024 decreased by 3.1% year-over-year, with Q3 showing a 4.0% decline [2][5] - The cost-to-income ratio for Q1-3 2024 was 28.66%, an increase of 0.21 percentage points year-over-year [2][5] Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.97%, while the special-mention loan ratio increased to 1.36%, up 13 basis points [2][5] - The provision coverage ratio decreased to 364.98%, down 7.44 percentage points [2][5] - Corporate loans and bill discounting were the main contributors to loan growth, with total loans increasing by 4.5% compared to the end of 2023 [2][5] Capital Adequacy - The core Tier 1 capital adequacy ratio increased by 1.19 percentage points year-over-year to 14.51% [1][4] - The estimated P/B ratio for 2024 is 0.6x, and the estimated P/E ratio is 6.2x, with a trailing twelve-month dividend yield of 7.7% [1][4]