工商银行：公司简评报告：付息率明显改善，资产质量稳定

Investment Rating - The report maintains an "Increase" rating for the company [3] Core Views - The company achieved operating revenue of 626.42 billion yuan, a decrease of 3.82% year-on-year, and a net profit attributable to ordinary shareholders of 269.03 billion yuan, an increase of 0.13% year-on-year [4] - As of the end of September, the company's total assets reached 48.36 trillion yuan, up 8.71% year-on-year, with a non-performing loan ratio of 1.35%, remaining stable quarter-on-quarter [4] - The report indicates a slowdown in general loan issuance due to weak demand and a shift away from scale-oriented growth, although there was a significant increase in bill discounting [4][5] - Deposit growth has stabilized as the impact of "squeezing water" has diminished, with a notable increase in the proportion of fixed-term deposits [5] - The report highlights a significant improvement in interest rates, with a quarterly net interest margin of 1.43%, a year-on-year decrease of 15 basis points, but a quarter-on-quarter increase of 5 basis points [6] - Fee and commission income has continued to decline due to market factors, but a recovery is expected in the fourth quarter [7] - The non-performing loan rate remains stable, with a slight increase in the provision coverage ratio to 220.30% [7] Summary by Sections Financial Performance - The company reported a total operating revenue of 626.42 billion yuan, down 3.82% year-on-year, and a net profit of 269.03 billion yuan, up 0.13% year-on-year [4] - Total assets reached 48.36 trillion yuan, an increase of 8.71% year-on-year, with a non-performing loan ratio of 1.35% [4] Loan and Deposit Trends - General loan issuance has slowed significantly due to weak demand, while bill discounting has increased [4][5] - Deposit growth has stabilized, with the impact of "squeezing water" diminishing [5] Interest Margin and Income - The quarterly net interest margin was 1.43%, with a year-on-year decrease of 15 basis points but a quarter-on-quarter increase of 5 basis points [6] - Fee and commission income has declined but is expected to recover in the fourth quarter [7] Asset Quality - The non-performing loan rate remains stable at 1.35%, with a provision coverage ratio of 220.30% [7]