A股上市银行24Q3季报综述：业绩回暖，息差有韧性

Investment Rating - The report maintains a "Positive" investment rating for the banking industry in China [2]. Core Viewpoints - Performance growth is marginally recovering, with significant improvement in state-owned banks. As of Q3 2024, the revenue, pre-provision profit, and net profit attributable to shareholders of listed banks showed year-on-year growth rates of -1.0%, -2.1%, and 1.4%, respectively, with improvements of 0.9 percentage points, 1.1 percentage points, and 1.1 percentage points compared to H1 2024 [5][9]. - The expansion of the balance sheet is accelerating, but loan and deposit growth remains under pressure. As of Q3 2024, the growth rate of interest-earning assets for listed banks increased by 1.1 percentage points to 8.4%, while loan growth decreased by 0.8 percentage points to 8.2% [5][14]. - The narrowing of interest margins is limited due to improvements in funding costs. The net interest margin for listed banks in Q3 2024 was estimated at 1.45%, only narrowing by 1 basis point compared to H1 2024 [5]. - The non-performing loan ratio remains stable, while the attention rate has increased. As of Q3 2024, the non-performing loan ratio for listed banks was 1.25%, unchanged from H1 2024, while the attention rate rose by 4 basis points to 1.71% [5]. - The asset quality pressure is particularly notable in rural commercial banks, with significant declines in provisioning indicators [5][12]. Summary by Sections 1. Performance Growth Marginally Recovering - The revenue, pre-provision profit, and net profit of listed banks showed year-on-year growth rates of -1.0%, -2.1%, and 1.4%, respectively, with improvements across various income types [5][9]. 2. Balance Sheet Expansion Accelerating - Interest-earning asset growth increased by 1.1 percentage points to 8.4%, driven by financial investments and interbank assets, while loan growth continued to decline [5][14]. 3. Limited Narrowing of Interest Margins - The net interest margin for listed banks was estimated at 1.45%, with a marginal decline of only 1 basis point compared to H1 2024, indicating resilience in funding costs [5]. 4. Stable Non-Performing Loan Ratio - The non-performing loan ratio remained at 1.25%, while the attention rate increased to 1.71%, indicating a slight rise in credit risk [5]. 5. Investment Recommendations - The report suggests focusing on regional banks that may benefit from debt resolution logic, high-dividend state-owned banks, and cyclical stocks [6].