24Q3浦发银行业绩点评：计提减值损失同比减少带动利润增速

Investment Rating - The report does not explicitly state an investment rating for the banking industry or Shanghai Pudong Development Bank (SPDB) [1][5]. Core Insights - SPDB's Q3 2024 revenue increased by 0.01% year-on-year, with profit before provisions rising by 3.3% and net profit attributable to the parent company soaring by 69.9% year-on-year [1][5]. - For the first three quarters of 2024, SPDB's revenue decreased by 2.2%, profit before provisions fell by 1.5%, but net profit attributable to the parent increased by 25.9% [1][5]. - The annualized Return on Assets (ROA) for the first three quarters of 2024 was 0.52%, up by 0.08 percentage points year-on-year, while the annualized Return on Equity (ROE) was 7.00%, an increase of 1.24 percentage points year-on-year [1][5]. - The Common Equity Tier 1 (CET1) capital ratio decreased by 0.23 percentage points to 8.87% year-on-year [1][5]. - The estimated Price-to-Book (P/B) ratio for 2024 is 0.4x, and the Price-to-Earnings (P/E) ratio is 7.3x, compared to industry averages of 0.6x and 5.4x respectively [1][5]. Summary by Sections Revenue and Profitability - In Q3 2024, SPDB's net interest income decreased by 6.5% year-on-year, with a net interest margin of 1.26%, down by 10 basis points from Q2 2024 [2][6]. - The bank's total loans increased by 6.9% compared to the end of 2023, significantly higher than the 0.4% growth in the same period last year [3][6]. - Deposits grew by 4.5% year-on-year, with personal deposits increasing by 10.4% and corporate deposits by 2.0% [3][6]. Asset Quality - The non-performing loan (NPL) ratio decreased to 1.38%, down by 3 basis points quarter-on-quarter, while the attention ratio increased to 2.33%, up by 3 basis points [3][6]. - The provision coverage ratio improved to 180.04%, an increase of 4.67 percentage points quarter-on-quarter [3][6]. Fee Income and Costs - Net fee and commission income for the first three quarters of 2024 declined by 8.8% year-on-year, showing recovery from a 12.0% decline in H1 2024 [3][6]. - The cost-to-income ratio for the first three quarters of 2024 was 28.00%, an increase of 0.13 percentage points year-on-year [4][6].