兴业银行：盈利小幅负增，资产质量稳健

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][17]. Core Views - The company's profit growth has slightly declined, with a stable asset quality. The net profit for the first three quarters of 2024 decreased by 3.0% year-on-year, primarily due to increased provisioning [4][5]. - The company's operating income for the first three quarters of 2024 was 164.2 billion yuan, reflecting a year-on-year growth of 1.8% [4][5]. - The bank's net interest margin has stabilized, and the total asset scale reached 10.3 trillion yuan, with loans and deposits at 5.74 trillion yuan and 5.43 trillion yuan, respectively [4][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 630 billion yuan, with a year-on-year decline of 3.0% [4][5]. - The annualized weighted average ROE was 10.92% [4]. - The company reported a credit impairment loss increase of 14.3% year-on-year [5]. Revenue and Income - The operating income for the first three quarters was 164.2 billion yuan, with a year-on-year increase of 1.8% [4][5]. - Non-interest income grew by 0.6% year-on-year, with investment-related non-interest income increasing by 12.8% [5]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.08% as of the end of the third quarter [8]. - The provisioning coverage ratio decreased to 234% [8]. Market Position and Strategy - The company is focusing on a "commercial bank + investment bank" model to create differentiated operations, with a current dividend yield of 5.54% [9]. - The bank aims to develop into a green bank, wealth bank, and investment bank, indicating a positive long-term growth outlook [9].