瑞丰银行：业绩维持高增，拨备安全垫增厚

Investment Rating - The report maintains a "Buy" rating for Ruifeng Bank [4][6]. Core Views - Ruifeng Bank's performance in the first three quarters of 2024 shows a revenue of 3.3 billion yuan, with a year-on-year growth rate of 14.7%, and a net profit attributable to shareholders of 1.4 billion yuan, also growing by 14.6% year-on-year [1][2]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 329.96% as of the end of Q3 2024, indicating a solid buffer against potential loan losses [1][3]. Financial Performance - Revenue and net profit growth rates for Q1-Q3 2024 are 14.7% and 14.6%, respectively, showing a slight decline compared to H1 2024 [2]. - Net interest income decreased by 1.3% year-on-year, but the decline has narrowed compared to the first half of 2024, with a net interest margin of 1.52% [2]. - Non-interest income surged by 77.9%, driven primarily by other non-interest income, which grew by 73.5% [2]. Asset Quality - As of Q3 2024, the bank's non-performing loan ratio and attention loan ratio remained stable at 0.97% and 1.56%, respectively [3]. - The provision coverage ratio increased by 6.2 percentage points from Q2 2024, with a cumulative increase of 25.8 percentage points throughout 2024 [3]. Asset and Liability Management - Total assets and total loans grew by 9.88% and 9.85% year-on-year, respectively, with a net increase in loans of 3.3 billion yuan in Q3 2024 [4]. - Total liabilities and total deposits increased by 9.8% and 8.1% year-on-year, but there was a net decrease in deposits of 4.8 billion yuan in Q3 2024, primarily due to a reduction in corporate demand deposits [4]. Future Outlook - The bank is expected to maintain a leading growth rate in the industry, with a projected narrowing of the interest margin decline for the full year [4].