QILU BANK(601665) 信达证券·2025-02-06 07:48Investment Rating - The report maintains an "Accumulate" rating for Qilu Bank [4]. Core Views - Qilu Bank's total assets reached nearly 690 billion yuan by the end of 2024, marking a year-on-year growth of 14%. The bank's loan total was 337.14 billion yuan, up 12.31% year-on-year, while deposits increased by 10.42% to 439.54 billion yuan [4]. - The bank's operating income for 2024 was 12.50 billion yuan, reflecting a year-on-year increase of 4.55%, and the net profit attributable to shareholders was 4.99 billion yuan, up 17.77% year-on-year [4]. - The non-performing loan ratio decreased by 7 basis points to 1.19%, and the provision coverage ratio improved by 18.8 percentage points to 322.38%, indicating a solid asset quality [4]. Summary by Sections Financial Performance - Qilu Bank's operating income for 2024 was 12,495.40 million yuan, with a growth rate of 4.55% year-on-year. The net profit attributable to shareholders was 4,986.13 million yuan, with a growth rate of 17.77% year-on-year [6]. - The bank's EPS for 2024 is projected to be 1.03 yuan, with forecasts of 1.20 yuan and 1.40 yuan for 2025 and 2026, respectively [4][6]. Asset Quality - By the end of 2024, Qilu Bank's non-performing loan ratio was 1.19%, down 7 basis points from the previous year, and the provision coverage ratio was 322.38%, indicating a strong safety margin [4]. - The bank's core Tier 1 capital adequacy ratio was 10.26% as of Q3 2024, positioning it favorably compared to peers [4]. Growth Prospects - The report anticipates that Qilu Bank will benefit from growth in corporate, county-level, and green-related business revenues, supporting stable performance in the coming years [4]. - The bank's loan-to-deposit ratio stood at 76.7%, suggesting significant room for further lending [4].