银行行业专题研究：整体业绩边际提升，负债成本明显改善

Investment Rating - The report maintains an "Outperform" rating for the banking sector [3][4]. Core Insights - The overall performance of listed banks shows marginal improvement, with a notable reduction in funding costs [3][4]. - Revenue growth for listed banks has rebounded, with a year-on-year decline of 1.06% for Q1-Q3 2024, an improvement of 0.91 percentage points compared to H1 2024 [2][6]. - The net profit attributable to shareholders of listed banks increased by 1.42% year-on-year for Q1-Q3 2024, up 1.06 percentage points from H1 2024 [2][7]. - The expansion of interest-earning assets and the contribution from non-interest income have been the main drivers of performance, while the contribution from net interest margin and provisions has weakened [3][6]. Summary by Sections 1. Overall Performance Improvement and Non-Interest Income Contribution - Revenue growth has shown a marginal recovery, with listed banks' revenue growth at -1.06% year-on-year for Q1-Q3 2024, improving by 0.91 percentage points from H1 2024 [2][6]. - The net profit growth for listed banks has continued to improve, with a year-on-year increase of 1.42% for Q1-Q3 2024, up 1.06 percentage points from H1 2024 [2][7]. - The contribution from interest-earning asset expansion and non-interest income has increased, while the contribution from net interest margin and provisions has decreased [3][6]. 2. Narrowing Interest Margin Decline and Improved Funding Costs - The decline in net interest margin has narrowed, with the average cost of interest-bearing liabilities decreasing to 1.99% for Q1-Q3 2024, down 3.69 basis points from H1 2024 [3][6]. - The average yield on interest-earning assets was 3.37% for Q1-Q3 2024, down 4.54 basis points from H1 2024, primarily due to LPR adjustments and insufficient financing demand [3][6]. 3. Asset Quality Remains Stable with Sufficient Risk Coverage - The non-performing loan ratio for listed banks remained stable at 1.25% as of Q3 2024, up 0.11 basis points from the end of H1 2024 [3][6]. - The provision coverage ratio was 302.29% as of Q3 2024, indicating a robust ability to absorb risks [3][6]. 4. Investment Recommendation: Dividend Advantage Remains - The report highlights that the current PB ratio for the Shenwan Banking Index is 0.50, placing it at the 7.17th percentile since 2000, while the dividend yield is at 5.04%, in the 71.66th percentile since 2000, indicating high investment value [2][3].