AGRICULTURAL BANK OF CHINA(SH:601288) Ping An Securities·2025-03-31 02:10Investment Rating - The report maintains a "Recommend" rating for Agricultural Bank of China (601288.SH) [1][3] Core Views - Agricultural Bank of China achieved a revenue of 710.6 billion yuan in 2024, a year-on-year increase of 2.3%, and a net profit attributable to shareholders of 282.1 billion yuan, up 4.7% year-on-year [4][7] - The bank's total assets reached 43.2 trillion yuan at the end of 2024, reflecting an 8.4% year-on-year growth, with total loans increasing by 10.1% and deposits by 4.9% [4][7] - The bank's net interest margin for the year was 1.42%, down 18 basis points year-on-year, primarily due to pressure on asset pricing [7][12] - The non-performing loan (NPL) ratio improved to 1.30%, down 2 basis points from the previous quarter, indicating stable asset quality [8][11] Summary by Sections Financial Performance - In 2024, the bank's net interest income grew by 1.6% year-on-year, while non-interest income increased by 5.5% [7][9] - The bank's earnings per share (EPS) for 2024 is projected at 0.81 yuan, with expected growth rates of 4.1% for 2025 and 5.6% for 2026 [6][12] Asset Quality - The NPL ratio for corporate loans decreased by 25 basis points to 1.58%, while the retail loan NPL ratio increased by 30 basis points to 1.03% [8][11] - The bank's provision coverage ratio remains high at 300%, ensuring stable risk mitigation capabilities [8][11] Growth Projections - The bank's total assets are expected to grow to 47 trillion yuan by 2025, with loan growth projected at 10% annually [10][12] - The report anticipates a steady increase in net interest income, with projections of 586.6 billion yuan in 2025 [11][12]