浦发银行2024年三季报点评：业绩高增，扩张积极

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [2] Core Views - The company reported a revenue decline of 2.2% year-on-year for the first three quarters of 2024, while net profit attributable to shareholders increased by 25.9%, with a significant Q3 growth of 69.9% [2] - The bank achieved a historical high in credit growth, with a loan increase of approximately 350 billion, primarily driven by corporate loans [3] - The net interest margin for the first three quarters was 1.46%, showing a slight decrease compared to the first half of 2024 [3] - Asset quality improved with a decrease in non-performing loans and an increase in the provision coverage ratio [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company experienced a revenue decline of 2.2% and a net profit increase of 25.9%, with Q3 figures showing a revenue growth of 0.01% and a profit growth of 69.9% [2] - Net interest income decreased by 4.8% year-on-year, while investment-related income increased by 13.5% [2][3] Loan Growth - The loan growth rate improved from 2.2% in Q4 2023 to 9.1% in Q3 2024, with corporate loans growing at 16.4% [3] - The bank added approximately 350 billion in new loans during the first three quarters, with corporate loans contributing 96% of this increase [3] Interest Margin and Costs - The net interest margin was reported at 1.46%, a decrease of 2 basis points from the first half of 2024 and 6 basis points from the end of the previous year [3] - The bank managed to reduce the interest rates on deposits, with a year-on-year decrease of 17 basis points [3] Asset Quality - The non-performing loan ratio decreased to 1.38%, with a provision coverage ratio increase to 184% [3] - The overall credit cost slightly decreased to 0.81% [2][3] Earnings Forecast - The earnings per share (EPS) for 2024 and 2025 are projected to be 1.54 and 1.57 respectively, with a projected net asset value per share of 22.19 by the end of 2024 [4]