CEB BANK(601818) 海通国际·2024-10-31 06:41Investment Rating - The report assigns a 2024E P/B of 0.4x and a 2024E P/E of 5.0x for the company, with a TTM dividend yield of 5.1% [1][5]. Core Insights - The company reported a revenue decline of 8.7% YoY in Q3 2024, with profit before provision down 11.7% YoY, while net profit attributable to the parent increased by 2.3% YoY [1][5]. - For the first three quarters of 2024, revenue decreased by 8.8% YoY, profit before provision fell by 10.9% YoY, and net profit attributable to the parent rose by 1.9% YoY [1][5]. - The annualized ROE for the first three quarters of 2024 decreased by 0.57 percentage points to 9.66%, while the CET1 capital ratio increased by 0.56 percentage points to 9.67% YoY [1][5]. Summary by Sections Revenue and Profitability - Q3 2024 net interest income decreased by 11.0% YoY, with a slight improvement from Q2 2024's decline of 12.1% [2]. - The estimated net interest margin for Q3 2024 was 1.49%, up 4 basis points QoQ, while the yield on interest-bearing assets decreased by 5 basis points to 3.54% [2]. - The cost of interest-bearing liabilities decreased by 9 basis points to 2.18% [2]. Loan and Deposit Growth - Loan growth compared to the end of 2023 was 2.91%, which is lower than the 5.29% growth rate from the same period last year [2]. - Deposits decreased by 1.79% compared to the end of 2023, contrasting with a 4.29% growth rate from the previous year [2]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.25%, while the provision coverage ratio decreased to 170.73%, down 1.72 percentage points [3]. - Net fee and commission income for the first three quarters of 2024 fell by 20.6% YoY, with fee income down 19.2% and fee expenses down 7.7% [3]. Cost Management - The cost-to-income ratio for the first three quarters of 2024 was 27.6%, an increase of 1.4 percentage points YoY [3].