BOB(601169)2025-04-21 05:03Investment Rating - The report maintains a "Recommended" investment rating for Beijing Bank (stock code: 601169) [1] Core Insights - Beijing Bank shows marginal improvement in revenue growth, with a year-on-year increase of 4.81% in 2024, recovering from previous quarters. The net profit attributable to shareholders increased by 0.81% year-on-year [4] - The bank's net interest income also improved, with a year-on-year growth of 4.81% for the full year and 4.29% in Q4 2024, driven by an increase in net interest income and growth in non-interest income [4] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.31% and a provision coverage ratio of 208.75% as of the end of 2024 [4] Summary by Sections Revenue and Profitability - In 2024, Beijing Bank's revenue reached 69.92 billion yuan, with a growth rate of 4.81%. The net profit attributable to shareholders was 25.83 billion yuan, reflecting a growth rate of 0.81% [44] - The bank's return on equity (ROE) was 8.65%, a decrease of 0.67 percentage points year-on-year [4] Loan and Deposit Growth - Total loans increased by 9.65% year-on-year, with corporate loans growing by 14.43% and technology finance loans surging by 40.52% [4] - Total deposits grew by 18.21% year-on-year, with corporate and personal deposits increasing by 12.68% and 19.69%, respectively [4] Non-Interest Income - Non-interest income rose by 10.06% year-on-year, with a significant increase of 15.29% in Q4 2024, primarily driven by growth in investment income and other non-interest income [4] - The bank's retail assets under management (AUM) grew by 17.25% year-on-year, and the scale of wealth management products increased by 39.4% [4] Capital Adequacy and Risk Management - The core tier one capital adequacy ratio stood at 8.95%, down 0.26 percentage points year-on-year [4] - The bank has increased its provision for credit losses, with a credit cost of 0.87% in 2024, reflecting a proactive approach to risk management [4] Future Outlook - The bank aims to deepen its digital transformation and enhance its retail financial services, with projected BVPS of 13.64 yuan, 14.60 yuan, and 15.60 yuan for 2025, 2026, and 2027, respectively [44]