Investment Rating - The report assigns a rating of "Accumulate" to the company with a target price of 4.43 HKD, representing a potential upside of 12.7% from the current price of 3.79 HKD [5][11]. Core Insights - The company has shown strong growth in non-interest income, with a year-on-year increase of 21.32%, while net interest income decreased by 4.81% due to a slight reduction in net interest margin [3][11]. - The total assets of the company reached 340,690 billion RMB, reflecting a 5.05% increase from the previous year, indicating steady growth in the asset-liability scale [4]. - The company maintains a solid provision coverage ratio of 198.86%, which has improved by 7.20 percentage points compared to the previous year, demonstrating effective management of non-performing loans [4][11]. Financial Performance Summary - For the first three quarters of 2024, the company reported operating income of 479.1 billion RMB, a year-on-year increase of 1.74%, and a net profit attributable to shareholders of 175.8 billion RMB, up by 0.52% [2]. - The net interest income for the same period was 336 billion RMB, down 4.81%, while non-interest income was 143.1 billion RMB, up 21.32% [3]. - The company’s basic earnings per share (EPS) for the first three quarters of 2024 was 0.55 RMB [2]. Asset and Liability Management - As of September 2024, total liabilities amounted to 311,950 billion RMB, an increase of 5.12% from the end of the previous year, with customer deposits totaling 237,106 billion RMB, up 3.51% [4]. - The loan balance reached 214,359 billion RMB, reflecting a growth of 7.38% year-on-year, with corporate loans accounting for 145,965 billion RMB and personal loans for 67,833 billion RMB [4]. Valuation Metrics - The report forecasts the company's EPS for 2024, 2025, and 2026 to be 0.75, 0.77, and 0.80 RMB respectively, with corresponding price-to-book (P/B) ratios of 0.44, 0.41, and 0.38 [11][26]. - The company has a dividend yield of 6.84%, indicating a strong dividend-paying capability [11].
中国银行：其他非利息收入增长强劲，资产负债规模稳步增长