上市银行三季报总结：息差降幅收窄，盈利增速改善

Investment Rating - The report maintains a positive outlook on the banking industry for 2024 [1] Core Viewpoints - The revenue and net profit growth of listed banks improved on a quarter-on-quarter basis in the first three quarters of 2024, with revenue down 1.05% year-on-year, a decrease narrowing by 0.9 percentage points compared to the first half of the year, and net profit up 1.43% year-on-year, with growth accelerating by 1.1 percentage points [1][9] - The improvement in profitability margins is primarily attributed to a reduction in interest margin decline and a decrease in the drag from non-interest income, although contributions from scale, other non-interest income, and provisioning have weakened [1][9] Summary by Sections 1. Earnings Growth - In Q3 2024, the earnings growth of listed banks showed slight improvement, with revenue growth of 0.89% and net profit growth of 3.53% on a quarterly basis [9][12] - The growth was driven by improvements in interest margins and a reduction in the drag from non-interest income [9] 2. Credit and Deposits - Credit growth continued to slow, with a year-on-year increase of 8.1%, down 0.9 percentage points from the previous quarter, while deposit growth stabilized at 4.1% year-on-year [2][21] - Among different types of banks, city commercial banks showed the strongest credit growth, primarily driven by corporate loans [2][18] 3. Interest Margin - The net interest margin decline narrowed in Q3 2024, with an average net interest margin of 1.45%, down 18 basis points year-on-year, but the decline was less severe compared to previous quarters [3][25] - The improvement in interest margins is attributed to a reduction in funding costs, although asset-side pressures remain [3][27] 4. Non-Interest Income - The decline in non-interest income narrowed, with a year-on-year decrease of 10.8%, and expectations for improvement in fund distribution income due to increased market activity [30][32] - Investment income growth slowed, with a year-on-year increase of 23.9%, reflecting market volatility [32] 5. Asset Quality - The non-performing loan ratio remained stable at 1.25%, with an increase in the average attention loan ratio to 1.98% [4][16] - The outlook for asset quality is positive, supported by policies aimed at stabilizing the real estate market [4][12] 6. Investment Recommendations - The report suggests focusing on cyclical, high-growth stocks in the short term, particularly leading banks in strong economic regions, and stable high-dividend stocks for the long term [5][12]