银行业绩快报披露，经营表现好于预期

Investment Rating - The report maintains an "Overweight" rating for the banking industry, indicating a positive outlook for future performance [22]. Core Insights - The performance of 16 banks exceeded expectations, with revenue growth showing significant improvement. The average revenue growth rate increased by 2% quarter-on-quarter and showed year-on-year improvements for many banks [8][18]. - Asset quality remains stable, with most banks maintaining or slightly improving their non-performing loan ratios. The report highlights that the overall asset quality is solid, with banks continuing to release provisions [17][18]. Summary by Sections 1. Bank Revenue Growth Exceeds Expectations - As of now, 16 banks have disclosed their performance reports, with an average revenue growth rate of 2% quarter-on-quarter and improvements year-on-year. Notable banks with significant revenue growth include Zhengzhou Bank (+7.8%) and Xiamen Bank (+5.9%) [8][7]. - Net profit growth also saw a quarter-on-quarter increase of 2%, although year-on-year growth remains under pressure. Zhengzhou Bank led with a net profit growth of +19.3% [8][7]. 2. Steady Growth in Scale and Stable Asset Quality - The report indicates that asset growth for 2024 is led by Jiangsu Bank (16.1%) and Suzhou Bank (15.3%), with a noticeable regional disparity in asset growth [14]. - Loan growth showed a recovery trend, with six out of thirteen banks reporting an increase in loan growth rates. The average deposit growth rate for thirteen banks improved by 1.8% [16][18]. - The non-performing loan ratios for most banks remained stable or slightly decreased, indicating a solid asset quality. The report notes that banks are still releasing provisions, with a focus on maintaining adequate coverage [17][18]. 3. Investment Recommendations - The report suggests that with the acceleration of fiscal policies and improved financing mechanisms for small and micro enterprises, bank loan growth is expected to remain steady. The performance of quality regional banks is anticipated to show greater resilience, potentially offering higher dynamic dividend yields [22]. - It emphasizes two main investment themes: the potential for high dividend yields from quality regional banks and the significant value of large state-owned banks [22].