银行行业4Q24行业数据详解：息差降幅收窄，资产质量保持稳健

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The banking industry has shown a narrowing decline in net interest margins, with asset quality remaining stable. In 2024, commercial banks achieved a net profit of 2.3 trillion, with an average ROE of 8.1% and an average ROA of 0.63%. The non-performing loan ratio stands at 1.5% [1][12] - The profit growth of commercial banks has slowed down compared to the first three quarters of 2024, with a year-on-year decline of 2.3%. The net interest income remains under pressure, while non-interest income has become an important contributor to profitability, accounting for 22.4% of total income, up 2.5 percentage points year-on-year [1][2][12] Summary by Sections Profit Performance - In 2024, commercial banks' net profit growth has decreased, with a total net profit of 2.3 trillion, reflecting a year-on-year decline of 2.3%. The net interest margin has decreased by 17 basis points to 1.52%, although the decline has narrowed compared to previous quarters [1][12] - The total assets of commercial banks reached 380.5 trillion by the end of 2024, growing by 7.2% year-on-year, but the growth rate has slowed down [1][12] Non-Interest Income - Non-interest income has increased its share in total income, contributing significantly to profitability. The rapid decline in bond yields in late 2024 is expected to support investment income and fair value changes [2][12] Credit Growth - Credit growth has continued to slow down, with a year-on-year increase of 7.6% in loans by the end of 2024, a decrease of 3.2 percentage points from the previous year. The growth rates for different types of banks vary, with state-owned banks showing a 9% increase [2][12] Asset Quality - The asset quality indicators remain stable, with a non-performing loan balance of 3.28 trillion and a non-performing loan ratio of 1.5%. The continuous write-off and disposal of non-performing assets have contributed to this stability [12][13] Provisioning - The banking system's risk compensation capacity is robust, with a provision balance of 6.93 trillion and a provision coverage ratio of 211.19%, indicating a strong ability to cover potential losses [12][13] Investment Recommendations - Looking ahead to 2025, the banking sector is expected to maintain stable growth, with manageable pressure on net interest margins. The report suggests focusing on banks with performance release potential and those benefiting from long-term capital inflows [14][12]