24Q3成都银行业绩点评：负债成本管控良好，关注率环比下降优于同业

Investment Rating - The report does not explicitly state an investment rating for the Bank of Chengdu, but it provides comparative metrics indicating a favorable position against industry averages [4][5]. Core Insights - The Bank of Chengdu reported a revenue increase of 1.1% year-on-year for Q3 2024, with a net profit attributable to the parent company rising by 11.3% year-on-year [4][5]. - The annualized Return on Assets (ROA) for the first three quarters of 2024 decreased by 0.06 percentage points to 1.04%, while the annualized Return on Equity (ROE) fell by 0.69 percentage points to 13.75% [4][5]. - The Common Equity Tier 1 (CET1) capital ratio improved by 0.17 percentage points to 8.40% year-on-year [4][5]. - The report highlights a stable non-performing loan (NPL) ratio at 0.66% and a decrease in the watch list ratio by 2 basis points to 0.43% [3][5]. Summary by Sections Financial Performance - For Q1-3 2024, the Bank of Chengdu's revenue grew by 3.2%, pre-provision profit increased by 2.3%, and net profit attributable to the parent rose by 10.8% [4][5]. - The cost-to-income ratio for Q1-3 2024 was reported at 24.8%, reflecting a year-on-year increase of 0.6 percentage points [3][5]. Loan Composition - Corporate loans accounted for 69% of loan growth in Q3, while personal loans contributed 34%, indicating a gradual improvement in retail loan growth since Q1 [2][5]. - The loan-to-earning asset ratio slightly increased to 57.7%, with personal loans rising by 0.4 percentage points to 18.4% [2][5]. Income Sources - Net interest income for Q1-3 2024 increased by 1.8% year-on-year, with a net interest margin of 1.52% for Q3 remaining flat quarter-on-quarter [2][5]. - Net fee and commission income rose by 15.9% year-on-year, while fee expenses significantly decreased by 40.2% [3][5].