INDUSTRIAL BANK(601166) Xinda Securities·2024-10-31 12:04Investment Rating - The investment rating for Industrial Bank (601166) is not explicitly stated in the provided content, but the report indicates a positive outlook based on the bank's performance metrics and strategic initiatives. Core Insights - The report highlights that Industrial Bank achieved an operating income of 164.217 billion yuan in Q1-Q3 2024, representing a year-on-year growth of 1.81%. However, the net profit attributable to shareholders decreased by 3.02% to 63.006 billion yuan [13][15]. - The bank's total assets reached 10.31 trillion yuan by the end of Q3 2024, marking a year-on-year increase of 3.87%. Loan growth was robust, with total loans increasing by 8.05% year-on-year, and corporate loans growing by 11.36% [14][15]. - The report emphasizes the bank's focus on integrating its strategic initiatives, such as "three cards," "five new tracks," and "digital Industrial Bank," to enhance asset allocation in key areas like green finance, technology, and inclusive finance [14]. - The net interest margin slightly decreased to 1.84%, down by 10 basis points year-on-year, while the deposit interest rate fell by 23 basis points to 2.03% [15]. - Asset quality remains stable, with a non-performing loan ratio of 1.08% and a provision coverage ratio of 233.54% as of Q3 2024 [16]. Summary by Sections Financial Performance - For Q1-Q3 2024, Industrial Bank's operating income was 164.217 billion yuan, up 1.81% year-on-year, while net profit attributable to shareholders was 63.006 billion yuan, down 3.02% [13][15]. - The bank's total assets were 10.31 trillion yuan, reflecting a 3.87% increase year-on-year, with loans growing by 8.05% and corporate loans by 11.36% [14]. Asset Quality - The non-performing loan ratio stood at 1.08%, stable compared to the previous half-year, and the provision coverage ratio was 233.54%, slightly down by 4.24 percentage points year-on-year [16]. Profitability Forecast - The report forecasts net profit growth rates of 0.17%, 3.30%, and 5.40% for the years 2024 to 2026, with expected earnings per share (EPS) of 3.72 yuan, 3.84 yuan, and 4.05 yuan respectively [16].