银行业2024年三季报总结：息差仍有压力，四大行业绩超预期

Investment Rating - The report maintains a positive investment recommendation for the banking sector, highlighting the overall upward trend in performance and narrowing revenue decline [1]. Core Insights - The performance of the four major banks exceeded expectations, with overall industry performance trending upwards. For the first three quarters of 2024, listed banks reported a revenue decline of 1.0% year-on-year, while net profit attributable to shareholders increased by 1.4% year-on-year, benefiting from steady scale expansion, narrowing interest margin decline, strong investment income growth, and reduced credit costs [1][2]. - Total assets of listed banks expanded at a rate of 8.2% year-on-year, with loans also growing by 8.2%. However, the growth rate of deposits slightly declined to 4.3% year-on-year [2]. - The net interest margin remains under pressure, with a year-on-year contraction of 20 basis points, although some banks benefited from improved deposit costs, leading to a slight recovery in margins [2][3]. - Asset quality remains stable, with a non-performing loan ratio holding steady at 1.25%, the lowest since 2015. However, some banks have seen an increase in the attention ratio, primarily due to retail long-tail customer risks [3]. - The mid-term dividend distribution is expanding, with several banks already implementing dividend payouts. The six major banks maintained a mid-term dividend rate of 30%, consistent with the previous year [3][4]. Summary by Sections Dividends - The mid-term dividend distribution is expanding, with several banks implementing dividend payouts, including Beijing Bank and Chongqing Bank [11][12]. Earnings - The overall performance trend is upward, with the four major banks exceeding expectations. The revenue decline is narrowing, and regional banks are maintaining a leading position [1][2]. Scale - Total assets are expanding rapidly, with loan growth slightly slowing. The growth rate of deposits has also declined, continuing a trend of periodicization [2][3]. Interest Margin - The interest margin remains under pressure, but the decline rate is expected to slow down. The improvement in deposit costs is becoming evident [2][4]. Asset Quality - Asset quality is stable, with sufficient provisioning cushions to smooth out cyclical fluctuations. The non-performing loan ratio remains at a low level [3][4]. Investment Recommendations - The report suggests a continued positive outlook for the banking sector, with specific recommendations for banks benefiting from debt relief expectations and cyclical trends [4].