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银行行业专题报告：2024年三季报业绩综述-上市银行盈利温和改善，资产质量整体稳定
Haitong Securities·2024-11-17 13:51

Investment Rating - The investment rating for the banking sector is "Outperform the Market" and is maintained [2]. Core Insights - The overall revenue growth of listed banks turned positive in Q3 2024, with a year-on-year increase of 0.9%. City commercial banks showed the best performance with a revenue growth of 2.6% [15][5]. - The net profit attributable to shareholders of listed banks increased by 3.5% year-on-year in Q3 2024, with city commercial banks leading at 7.8% [19][5]. - The overall loan growth rate for listed banks decreased compared to the same period last year, with a total loan amount increase of 7.1% compared to the end of 2023, down from 10.0% year-on-year [26][5]. - The net interest margin (NIM) decline has narrowed, with the NIM for Q3 2024 at 1.46%, a decrease of only 1 basis point from the previous quarter [54][6]. - Non-interest income as a proportion of total revenue increased, with a year-on-year growth of 13.1% in Q3 2024, indicating improved performance in this area [6][41]. - The asset quality of listed banks remained stable, with a non-performing loan (NPL) ratio of 1.25% in Q3 2024, unchanged from the previous quarter [7][5]. - The core Tier 1 capital adequacy ratio improved, rising by 17 basis points to 11.52% in Q3 2024 [7][5]. Summary by Sections Revenue and Profitability - In Q3 2024, the revenue growth of listed banks turned positive, with city commercial banks showing the highest growth at 2.6% [15][5]. - The net profit attributable to shareholders increased by 3.5% year-on-year, with city commercial banks leading at 7.8% [19][5]. Loan Growth - The overall loan growth rate for listed banks decreased, with a total loan amount increase of 7.1% compared to the end of 2023 [26][5]. - City commercial banks exhibited the best loan growth performance at 10.8% [26][5]. Interest Margin and Non-Interest Income - The NIM for Q3 2024 was 1.46%, with a decline of only 1 basis point from the previous quarter [54][6]. - Non-interest income grew by 13.1% year-on-year in Q3 2024, indicating a positive trend in this area [6][41]. Asset Quality and Capital Adequacy - The NPL ratio remained stable at 1.25% in Q3 2024 [7][5]. - The core Tier 1 capital adequacy ratio improved to 11.52% [7][5].