Bank Of Chongqing(601963) 国盛证券·2024-10-31 09:13Investment Rating - The report maintains a "Buy" rating for Chongqing Bank [4][6]. Core Views - Chongqing Bank's performance shows steady growth with a revenue of 10.63 billion and a net profit of 4.43 billion for the first three quarters of 2024, reflecting year-on-year growth of 3.8% and 3.7% respectively [1]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.26% and a provision coverage ratio of 250.19% as of the end of Q3 2024, indicating improvements in both metrics [3]. - The bank is expected to benefit from the ongoing development of the Chengdu-Chongqing economic circle, with projected net profits of 5.12 billion, 5.36 billion, and 5.64 billion for 2024, 2025, and 2026 respectively, showing growth rates of 3.8%, 4.8%, and 5.1% [4]. Performance Summary - For the first three quarters of 2024, Chongqing Bank's revenue and net profit growth rates were 3.8% and 3.7%, showing slight improvements compared to the first half of 2024 [2]. - Interest income decreased by 1.8% year-on-year, but the decline has narrowed, benefiting from optimized deposit structures [2]. - Non-interest income from fees and commissions surged by 129% year-on-year, although the growth rate has slowed compared to the first half of 2024 [2]. Asset Quality - As of Q3 2024, the non-performing loan amount was 5.44 billion, with a slight increase in both the non-performing loan ratio and the provision coverage ratio compared to the previous quarter [3]. - The bank has made a credit impairment loss provision of 2.69 billion for the first three quarters of 2024, which is 310 million more than the previous year [3]. Asset and Liability Management - Total assets and loans reached 824.1 billion and 430.5 billion respectively by the end of Q3 2024, with year-on-year growth rates of 11.1% and 12.2% [4]. - Total liabilities and deposits were 761.2 billion and 451.7 billion respectively, with year-on-year growth rates of 11.0% and 12.7% [4].