24Q3中国银行业绩点评：投资收益显著推动营收利润增长

Investment Rating - The report provides a 2024E P/B of 0.6x and a 2024E P/E of 6.3x for the banking industry, with a TTM dividend yield of 4.9% [1][3]. Core Insights - The Bank of China reported a 6.5% year-on-year increase in revenue for Q3 2024, while the pre-provision profit decreased by 1.8% year-on-year, and the net profit attributable to the parent increased by 4.4% year-on-year [1][4]. - For the first three quarters of 2024, revenue grew by 1.6% year-on-year, pre-provision profit fell by 2.4% year-on-year, and net profit attributable to the parent rose by 0.5% year-on-year [1][4]. - The annualized ROA for the first three quarters of 2024 was 0.75%, down by 0.07 percentage points year-on-year, while the annualized ROE was 9.55%, down by 0.82 percentage points year-on-year [1][4]. - The core Tier 1 capital adequacy ratio increased by 0.82 percentage points year-on-year to 12.23% [1][4]. Summary by Sections Revenue and Profitability - Q3 2024 net interest income decreased by 8.2% year-on-year, continuing a trend from H1 2024, where it was down by 3.1% [2][4]. - The net interest margin for Q1-3 2024 was 1.41%, a decrease of 3 basis points compared to H1 2024 [2][4]. - The cost-to-income ratio for Q1-3 2024 was 26.8%, a decrease of 0.2 percentage points year-on-year [4]. Asset Quality - The non-performing loan (NPL) ratio increased to 1.26%, up by 2 basis points sequentially, while the provision coverage ratio decreased by 2.8 percentage points to 198.86% [2][4]. - The proportion of loans in earning assets increased by 0.5 percentage points to 63.4%, while deposits remained stable at 78.7% of interest-bearing liabilities [2][4]. Other Income - Net fee and commission income for Q1-3 2024 decreased by 3.9%, primarily due to a significant reduction in fee expenses [2][4]. - Other net income saw a year-on-year increase of 49.9%, driven by growth in investment income and foreign exchange gains [2][4].