2024年三季度商业银行主要监管指标点评：盈利增速环比提升，资产质量保持稳健

Investment Rating - The report maintains a "Buy" rating for the banking industry, indicating a projected investment return exceeding 15% over the next 6-12 months [2][33]. Core Insights - The banking sector has shown resilience in its fundamentals, with a slight improvement in profit growth and stable asset quality. The net profit for the first three quarters of 2024 reached 1.9 trillion yuan, with an average capital return rate of 8.77% [2][30]. - The non-performing loan (NPL) ratio remains stable at 1.56%, with a slight increase in the attention loan ratio to 2.28% [24][30]. - The report highlights a shift in credit expansion from high growth to high quality, with total assets and loans growing at 8% and 8.1% year-on-year, respectively [4][15]. Summary by Sections Profit Growth - The profit growth of commercial banks in the first three quarters of 2024 increased by 0.5% year-on-year, with state-owned banks showing the most significant improvement [3][5]. - The profit growth rates for different types of banks are as follows: state-owned banks at -1.3%, joint-stock banks at 1.2%, city commercial banks at 3.4%, and rural commercial banks at 2.9% [3][5]. Credit and Asset Quality - Credit demand remains subdued, with a shift towards non-credit assets supporting overall asset growth. The total asset growth rate increased by 0.7 percentage points to 8% by the end of Q3 2024 [15][16]. - The NPL balance reached approximately 3.38 trillion yuan, with the NPL ratio stable at 1.56% [24][30]. Interest Margin and Cost Management - The net interest margin (NIM) for the first three quarters of 2024 was reported at 1.53%, slightly down from the previous half-year [19][30]. - The report indicates that the cost of interest-bearing liabilities has decreased, contributing to a stabilization of the NIM [19][20]. Capital Adequacy - The risk-weighted asset growth rate was 3.8% year-on-year, with the core Tier 1 capital adequacy ratio improving by 12 basis points to 10.86% [25][30]. - The capital adequacy ratios for different bank types are as follows: state-owned banks at 18.26%, joint-stock banks at 13.8%, city commercial banks at 12.86%, and rural commercial banks at 13.26% [25][30]. Investment Recommendations - The report suggests that the best investment opportunities may be emerging, particularly in traditional low-valuation, high-dividend banks like Agricultural Bank, and high-dividend, high-profit regional banks such as Jiangsu Bank and Suzhou Bank [30].