24年4季度银行业主要监管指标数据点评：银行内部持续分化，资产质量整体提升

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expectation that the industry index will perform better than the market by more than 5% over the next six months [10]. Core Insights - The report highlights a continuous internal differentiation within the banking sector, with overall asset quality improving. The total assets of banking institutions reached 444.6 trillion yuan at the end of Q4 2024, reflecting a year-on-year growth of 6.5% [1][4]. - The cumulative net profit of commercial banks for 2024 was 2.3 trillion yuan, showing a year-on-year decline of 2.3% [1][4]. - The net interest margin for commercial banks at the end of 2024 was 1.52%, slightly down from 1.53% in the previous quarters [1][4]. - The non-performing loan ratio for commercial banks decreased to 1.50% at the end of 2024, down 6 basis points from the previous quarter, with a provision coverage ratio of 211% [1][4]. Summary by Sections Profit Growth - The cumulative net profit growth rate for commercial banks turned negative at -2.3% for 2024, with large and joint-stock banks showing improvements in net profit growth rates compared to the previous quarter [4]. - City commercial banks and rural commercial banks experienced significant declines in net profit growth rates, at -13.1% and -9.7% respectively [4]. Net Interest Margin - The net interest margin for commercial banks decreased by 1 basis point to 1.52%, with large banks, joint-stock banks, city commercial banks, and rural commercial banks showing varied changes [4]. - The report anticipates continued downward pressure on asset yields, impacting overall net interest margins [4]. Asset Quality - The non-performing loan ratio improved, with large banks, joint-stock banks, city commercial banks, and rural commercial banks all showing decreases in their respective ratios [4]. - The report notes a decrease in the attention rate to 2.22% and an increase in the provision coverage ratio to 211% [4]. Investment Recommendations - The report suggests that the expected improvements will drive valuation recovery, with a focus on dividend yield value in bank stocks, currently averaging 4.47% [4]. - Specific recommendations include regional banks benefiting from policy expectations and high-dividend individual stocks [4].