渝农商行：营收、利润增速双正，拨备环比提升-20250326

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved a revenue of 28.3 billion yuan in 2024, representing a year-on-year growth of 1.09%, and a net profit attributable to shareholders of 11.5 billion yuan, with a year-on-year increase of 5.60% [1][2] - The company has improved its asset quality, with a non-performing loan ratio of 1.18% and a provision coverage ratio of 363.44% as of Q4 2024, reflecting a slight improvement from the previous quarter [1][4] - The company is expected to benefit from the Chengdu-Chongqing economic circle construction, with anticipated loan growth and improved asset quality [11] Performance Summary - Revenue and net profit growth rates for 2024 are 1.09% and 5.60%, respectively, with improvements of 2.9 percentage points and 2.1 percentage points compared to Q1-Q3 2024 [2] - Net interest income decreased by 4.25% year-on-year, but the decline was less severe than in previous quarters, with a net interest margin of 1.61% [2][3] - Non-interest income from investments increased significantly by 55.54% year-on-year, driven by a 93.56% increase in investment income [3] Asset Quality - The non-performing loan ratio for corporate loans is 1.04%, while personal loans have a non-performing loan ratio of 1.60% [4][5] - The company has a strong risk mitigation capability, with 82.78% of non-performing loans backed by collateral, and the collateral value covers 1.97 times the loan principal [5] Financial Summary - The total assets and loans at the end of Q4 2024 were 1.5 trillion yuan and 714.3 billion yuan, respectively, showing year-on-year growth of 5.13% and 5.55% [6][11] - The company plans to maintain a high dividend payout ratio, with a cash dividend of 3.046 yuan per 10 shares, resulting in a dividend payout ratio of 30.05% for the year [1]