成都银行：盈利稳健增长，资产质量保持优异

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [2][9][14] Core Views - The company has demonstrated steady profit growth with a year-on-year increase in net profit of 10.8% for the first three quarters of 2024, while revenue grew by 3.2% [4][7] - The asset quality remains excellent, with a non-performing loan (NPL) ratio stable at 0.66% and a provision coverage ratio of 497% [9][12] - The bank's total assets reached 1.22 trillion yuan, with loans amounting to 721.1 billion yuan and deposits totaling 855.9 billion yuan [4][9] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating income of 17.2 billion yuan, a 3.2% increase year-on-year, and a net profit attributable to shareholders of 9 billion yuan, reflecting a 10.8% growth [4][7] - The annualized return on equity (ROE) was reported at 17.55% [4][9] - The net interest margin (NIM) remained stable at 1.51%, with a slight decrease in the cost of interest-bearing liabilities to 2.18% [6][9] Growth Projections - The company is projected to achieve earnings per share (EPS) of 3.46 yuan in 2024, with expected growth rates of 13.1%, 14.3%, and 15.1% for the years 2024, 2025, and 2026 respectively [5][9] - The price-to-earnings (P/E) ratio is expected to decline from 5.9 in 2024 to 3.4 by 2026, indicating potential valuation upside [5][9] Asset Quality and Risk Management - The bank's asset quality indicators are expected to remain superior to industry peers, with a focus on proactive risk management [9][12] - The provision for loan losses is robust, with a provision-to-loan ratio of 3.29% [9][12]