Investment Rating - The investment rating for Qingdao Bank is "Accumulate" [4][3]. Core Views - Qingdao Bank's net profit growth in Q3 2024 exceeded expectations, while revenue growth slightly declined due to other non-interest income. The bank maintains a double-digit expansion rate and stable asset quality, justifying the "Accumulate" rating [3][4]. Summary by Sections Financial Performance - In Q3 2024, Qingdao Bank's revenue growth was 0.8%, a slight decline compared to Q2. The net interest income, commission income, and other non-interest income grew by 4.8%, -13.1%, and -6.4% year-on-year, respectively. Other non-interest income was the main drag on revenue, likely affected by bond market fluctuations in August. Despite the revenue decline, Q3 net profit growth reached 24.7%, outperforming comparable peers [4]. Asset Quality - As of Q3 2024, the bank's total assets grew by 15.1% year-on-year, with loans increasing by 11.3%. The growth in inclusive small and micro loans was particularly notable, with a year-end balance increase of 8.51 billion yuan, or 25.13%. Deposits grew by 12.9%, improving the deposit-to-liability ratio to 68.5%. The non-performing loan ratio stood at 1.17%, with a coverage ratio of 245.7%, indicating enhanced risk mitigation capabilities [4]. Market Data - The current stock price of Qingdao Bank is HKD 2.74, with a market capitalization of HKD 15,948 million. The stock has traded within a range of HKD 1.84 to HKD 2.97 over the past 52 weeks [5][6].
青岛银行2024年三季报点评：盈利高增，资产质量稳中向好