中国银行行业：中资银行24Q3业绩总结：息差及不良率平稳，存贷款增速较去年同期降低

Investment Rating - The report does not explicitly state an investment rating for the banking industry but provides valuation metrics such as PB and PE ratios for different types of banks [22]. Core Insights - The report highlights that the net interest margin (NIM) and non-performing loan (NPL) ratio for the banking sector remained stable, while loan and deposit growth rates decreased compared to the same period last year [1]. - City commercial banks showed the highest year-on-year growth in revenue, pre-provision profit, and net profit attributable to the parent company in the first three quarters of 2024 [2]. - The overall revenue growth for 41 A-share listed banks in 24Q1-3 was -1.1%, an improvement from -2.0% in 24H1, primarily supported by other net income, particularly from investment income [2]. - The report indicates that the growth rate of loans for listed banks declined compared to the previous year, with a total loan amount increase of 7.1% in 24Q3, down from 10.0% year-on-year [5]. - The non-performing loan ratio for listed banks was stable at 1.25% in 24Q3, with a slight increase in the attention rate [8]. Valuation Metrics - As of November 1, 2024, the PB ratios for state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks were 0.6x, 0.5x, 0.6x, and 0.6x respectively, while the PE ratios were 6.1x, 5.4x, 5.9x, and 5.6x [22]. - The dividend yields for these banks over the past 12 months were 5.0%, 5.4%, 4.5%, and 4.3% respectively [22]. Revenue and Profit - The year-on-year growth rate of net interest income for city commercial banks in 24Q1-3 was the highest at +0.4%, while the overall net interest income for listed banks decreased by 3.2% [3][4]. - The report notes that the net profit attributable to the parent company for 41 listed banks increased by 1.4% year-on-year in 24Q1-3, driven by revenue growth and a reduction in asset impairment losses [2]. Asset Quality - The report states that the overall NPL ratio for listed banks remained stable at 1.25%, with 27 banks reporting either stable or declining NPL ratios over two consecutive quarters [8]. - The provision coverage ratio slightly decreased to 241.73% in 24Q3 [8]. Capital Adequacy - The core tier 1 capital adequacy ratio for 41 listed banks was reported at 11.52%, reflecting a month-on-month increase of 17 basis points [9].