上市银行2024年三季报综述：营收降幅趋缓，关注稳增长政策发力

Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating a positive outlook for the industry [1]. Core Insights - The report highlights that 42 listed banks have shown a net profit growth of 1.4% year-on-year for the first three quarters of 2024, with an improvement of 1.0 percentage point compared to the first half of the year [11]. - There is a continued divergence in performance among individual banks, with significant growth observed in large and medium-sized banks such as Shanghai Pudong Development Bank (YoY +25.9%), Agricultural Bank of China (YoY +3.4%), and Huaxia Bank (YoY +3.1%) [11]. - The report notes a narrowing decline in revenue, with total revenue growth for listed banks improving by 1.0 percentage point to -2.0% year-on-year for the first three quarters of 2024 [12]. Summary by Sections 1. Profit Analysis - The net interest income for listed banks decreased by 3.2% year-on-year, slightly better than the 3.4% decline in the first half of 2024, primarily due to the reduction in LPR and insufficient effective credit demand [12]. - The net income from fees and commissions saw a negative growth of 10.8% year-on-year, indicating a continued weak performance influenced by sluggish retail financial demand and reduced commission rates from insurance sales [12]. 2. Asset Growth and Quality - The overall asset growth rate for listed banks stabilized at 8.2% in Q3 2024, while loan growth decreased by 0.8 percentage points to 8.2% [1]. - The non-performing loan (NPL) ratio remained stable at 1.25%, with a slight decrease in the provision coverage ratio to 243% [3]. 3. Cost Management - The report indicates that the growth rate of business and management expenses for listed banks was flat at 0.03% year-on-year, reflecting ongoing efforts to control costs [2]. - The overall cost-to-income ratio for listed banks increased by 0.3 percentage points to 29.2% due to sustained revenue pressure [2]. 4. Investment Recommendations - The report suggests that the average dividend yield for the banking sector is at 4.63%, which remains attractive compared to the risk-free rate of 10-year government bonds [4]. - Specific banks such as Chengdu Bank, Suzhou Bank, and Ningbo Bank are highlighted for their strong regional advantages and potential for continued growth [4].