银行业2024年三季度监管数据点评：盈利承压，资本夯实

Investment Rating - The report maintains a "Buy" rating for the banking sector, consistent with the previous rating [2]. Core Insights - The banking industry's profitability continues to be under pressure, with a net profit growth of only 0.5% year-on-year for the first three quarters of 2024. The return on equity (ROE) and return on assets (ROA) are reported at 8.77% and 0.68%, respectively, both showing a decline compared to the previous year [19][19]. - The total assets of commercial banks grew by 8.03% year-on-year in the first three quarters of 2024, indicating a recovery in non-loan asset growth. However, loan growth slightly declined to 8.08% year-on-year [27][27]. - The net interest margin for commercial banks is reported at 1.53%, reflecting a slight decrease. The report highlights ongoing pressure on net interest margins due to various factors, including the cost of liabilities [34][34]. - Asset quality remains stable, with a non-performing loan (NPL) ratio of 1.56%, unchanged from the previous quarter but down 5 basis points year-on-year. The provision coverage ratio stands at 209.48%, indicating solid provisioning capabilities [41][41]. - Capital adequacy ratios have improved, with the core Tier 1 capital adequacy ratio at 10.86%, reflecting a reduction in the growth rate of risk-weighted assets [51][51]. Summary by Sections Performance - The banking sector's profitability is under pressure, with a net profit growth of 0.5% year-on-year for the first three quarters of 2024. The growth rates for state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks are -1.32%, 1.22%, 3.39%, and 2.89%, respectively [19][19]. Scale - Total assets of commercial banks increased by 8.03% year-on-year, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing growth rates of 9.2%, 4.5%, 8.8%, and 6.0%, respectively [27][27]. Interest Margin - The net interest margin for commercial banks is 1.53%, with a slight decrease observed. The report notes that the loan yield is still in a downward trend, but the decline is narrowing [34][34]. Asset Quality - The non-performing loan ratio is 1.56%, stable compared to the previous quarter, with a provision coverage ratio of 209.48%, indicating a solid ability to cover potential losses [41][41]. Capital - The core Tier 1 capital adequacy ratio is reported at 10.86%, with improvements noted in capital adequacy across different types of banks [51][51].