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中国银行行业：24Q3中信银行业绩点评：净息差较年中回升，不良率环比稳定
2024-11-01 06:31

Investment Rating - The report does not explicitly state an investment rating for the banking industry or CITIC Bank, but it provides relevant financial metrics for evaluation [1][5]. Core Insights - CITIC Bank's Q3 2024 results show a revenue increase of 6.3% year-on-year, with pre-provision profit up by 3.2% and net profit attributable to the parent also increasing by 6.3% [1][5]. - The annualized Return on Equity (ROE) for the first three quarters of 2024 is reported at 0.72%, reflecting a slight increase of 0.02 percentage points year-on-year [1][5]. - The Common Equity Tier 1 (CET1) capital ratio improved by 0.69 percentage points to 9.5% year-on-year [1][5]. Summary by Sections Financial Performance - For Q1-3 2024, CITIC Bank's revenue grew by 3.8%, pre-provision profit by 2.0%, and net profit attributable to the parent by 0.8% [1][5]. - The net interest margin (NIM) for Q1-3 2024 was 1.79%, an increase of 2 basis points compared to the first half of 2024 [2][6]. - The bank's net interest income increased by 0.7% year-on-year for Q1-3 2024, recovering from a decline of 0.8% in the first half of 2024 [2][6]. Loan and Deposit Growth - Total loans increased by 2.4% compared to the end of 2023, with corporate loans rising by 8.3% and personal loans by 2.4% [2][3]. - Total deposits grew by 3.9% compared to the end of 2023, driven by an 8.2% increase in personal deposits and a 2.3% increase in corporate deposits [2][3]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.19%, with the provision coverage ratio increasing to 209.51%, up by 2.75 percentage points [3][7]. - Net fee and commission income decreased by 10.0% year-on-year for Q1-3 2024, showing improvement from a decline of 14.2% in the first half of 2024 [3][7]. Cost Management - The cost-to-income ratio for Q1-3 2024 was reported at 28.8%, an increase of 1.5 percentage points year-on-year [3][7]. - Operating expenses rose by 8.5% year-on-year, with business and management fees also increasing by 8.5% [3][7].