银行2024年4季度经营数据：净息差平稳、环比微降1bp至1.52%，资产质量稳中向好

Investment Rating - The industry investment rating is "Overweight (Maintain)" [3][26] Core Viewpoints - The report indicates that the overall asset quality is stable and improving, with a decrease in both non-performing loans and the non-performing loan ratio [5][9] - The net interest margin remains stable, with a slight decrease of 1 basis point to 1.52% [12][14] - The report highlights a decline in credit growth, with the industry experiencing a year-on-year growth rate of 7.5% [16][17] - The overall net profit of the banking industry has turned negative, primarily due to the underperformance of city and rural commercial banks [21][22] - Capital adequacy ratios continue to improve, with the core Tier 1 capital adequacy ratio reaching 11% [24][25] Summary by Sections Asset Quality - The overall asset quality is stable and improving, with the non-performing loan scale at 3.28 trillion yuan, a decrease of 97.7 billion yuan from the previous quarter, resulting in a non-performing loan ratio of 1.50%, down 5 basis points [5][9][10] - The proportion of special mention loans decreased to 2.22%, down 6 basis points from the previous quarter [8] Net Interest Margin - The net interest margin for the industry is 1.52%, reflecting a slight decrease of 1 basis point [12][14] - The report anticipates that the net interest margin will continue to decline in the first quarter due to loan repricing, but will stabilize thereafter [14] Scale - The industry experienced a decline in asset and credit growth rates, with total assets growing at 7.2% year-on-year and credit growth at 7.5% [16][17] - City commercial banks have seen a significant impact from early debt repayments, leading to a notable decrease in credit growth [17][18] Net Profit - The overall net profit of commercial banks decreased by 2.27% year-on-year, with significant disparities among different bank categories [21][22] - State-owned banks and joint-stock banks showed varied performance, with state-owned banks experiencing a slight decline while joint-stock banks improved due to favorable market conditions [21] Capital - The capital adequacy ratios are on the rise, with the core Tier 1 capital adequacy ratio at 11%, reflecting a positive trend in capital management [24][25]