上市银行2024年三季报业绩综述：息差降幅收窄，业绩环比改善

Investment Rating - The report maintains a positive investment rating for the banking sector, indicating a favorable outlook for the industry [1]. Core Insights - The banking sector has shown marginal recovery in performance, with improvements in various income types and a reduction in the decline of net interest margins. The overall revenue decline has narrowed, and the growth rate of net profit has increased [2][23]. - The report highlights that while interest income remains under pressure, non-interest income has seen significant growth, particularly in other non-interest categories, which have contributed positively to overall performance [26][28]. - The report emphasizes the ongoing challenges in loan growth due to weak credit demand, with a notable trend towards increased time deposits as banks adapt to changing market conditions [3][31]. Summary by Sections Revenue Improvement - Revenue decline has narrowed, with a year-on-year decrease of 1.05% in overall revenue for listed banks in the first three quarters of 2024, an improvement from a 1.95% decline in the first half of 2024. State-owned banks have shown a notable recovery [23][24]. - Net interest income has faced a decline of 3.19%, while other non-interest income has increased by 25.60%, indicating a shift in income sources [26][28]. - The improvement in revenue is attributed to a combination of reduced costs and enhanced operational efficiency, with cost expenses' impact on performance decreasing from 0.8% in the first half of 2024 to 0.3% in the first three quarters [29][30]. Loan and Deposit Trends - Loan growth remains under pressure, with a year-on-year increase of 6.9% in total loans for listed banks, but a quarter-on-quarter decline of 1.0%. The report notes a significant drop in corporate loans, while retail loans have shown some resilience [3][33]. - The trend of increasing time deposits continues, with time deposits accounting for 58.4% of total deposits in the third quarter of 2024, reflecting a shift in deposit structure [3][36]. - The overall asset growth for listed banks has improved, with a year-on-year increase of 8.2% in total assets, driven by state-owned and joint-stock banks [31][32]. Cost and Risk Management - The report indicates a marginal optimization in cost management, with the contribution of provisioning to performance decreasing from 2.3% in the first half of 2024 to 1.9% in the first three quarters [29][30]. - The non-performing loan ratio for listed banks remained stable at 1.27%, with a sufficient provisioning coverage ratio of 302.14%, indicating a robust risk management framework [4][5].