QILU BANK(601665) 国盛证券·2024-11-01 13:17Investment Rating - The investment rating for Qilu Bank is "Buy" and is maintained [6] Core Views - Qilu Bank's performance continues to improve with a revenue of 9.48 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 4.3%, and a net profit attributable to shareholders of 3.44 billion yuan, up 17.2% year-on-year [1][2] - The bank's asset quality is continuously optimizing, with a non-performing loan ratio of 1.23% and a provision coverage ratio of 312.74% as of the end of Q3 2024, showing a slight decrease and an increase respectively compared to the previous quarter [1][3] - The bank's total assets and total loans reached 668.1 billion yuan and 332.5 billion yuan respectively by the end of Q3 2024, with year-on-year growth rates of 17.5% and 13.3% [4] Financial Performance - Revenue and net profit growth rates for Q1-Q3 2024 are 4.3% and 17.2% respectively, with a slight decline in revenue growth attributed to bond market fluctuations affecting investment income [2] - Net interest income for Q1-Q3 2024 decreased by 2.1% year-on-year, while net fee and commission income increased by 17.6% [2] - Other non-interest income saw a significant increase of 25.9% year-on-year, although Q3 saw a 37.0% decline in investment income [2] Asset Quality - As of Q3 2024, the non-performing loan ratio and attention ratio were 1.23% and 1.12%, respectively, indicating ongoing improvement in asset quality [3] - The bank recorded a credit impairment loss of 3.48 billion yuan for Q1-Q3 2024, which is 180 million yuan less than the previous year, resulting in a credit cost of 1.52% [3] Balance Sheet - Total assets and total loans as of Q3 2024 were 668.1 billion yuan and 332.5 billion yuan, with year-on-year growth rates of 17.5% and 13.3% respectively [4] - Total liabilities and total deposits reached 622.7 billion yuan and 436.0 billion yuan, with year-on-year growth rates of 17.3% and 7.9% respectively [4]