光大银行：业绩平稳增长，资产质量稳健

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown stable growth in performance, with a slight increase in net profit despite a decline in revenue [1][2] - Asset quality remains robust, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 171% [3] - Short-term revenue pressures are noted due to declining interest margins and poor performance in fee-based income, but long-term prospects are optimistic due to expected recovery in retail demand and wealth management [4] Financial Performance - For the first three quarters of 2024, the company reported revenue of 102.4 billion yuan, a year-on-year decrease of 8.8%, while net profit attributable to shareholders was 38.4 billion yuan, an increase of 1.9% [1][2] - Net interest income decreased by 11.0% year-on-year, but the decline rate has narrowed, indicating improved cost control and deposit structure optimization [2] - Fee and commission income saw a significant decline of 20.6% year-on-year, primarily due to reduced credit card transaction volumes [2] Asset Quality - As of the end of Q3 2024, the non-performing loan balance decreased by 250 million yuan, maintaining a stable non-performing loan ratio [3] - The company recognized credit impairment losses of 24.6 billion yuan in the first three quarters, which is 10.9 billion yuan less than the previous year [3] Asset and Liability Management - Total assets reached 6.9 trillion yuan, with total loans at 3.9 trillion yuan, reflecting a year-on-year growth of 0.7% and 3.6% respectively [4] - Total deposits increased significantly by 101.6 billion yuan in Q3 2024, despite a year-on-year decline of 1.6% [4]