净利息收益率提升，派息+回购回馈股东

Investment Rating - The investment rating for the company is "Add" [2] Core Views - The company aims for an average tangible equity return of approximately 15% in 2024, with a projected net interest income of at least $41 billion for the banking business in 2024. The target payout ratio for 2024 is maintained at 50$2 billion [2][3] Financial Performance Summary - For the fiscal year 2023, the total operating income reached $66.1 billion, representing a year-on-year growth of 30.5$22.4 billion, with a year-on-year increase of 56.4% [2][3] - The net interest margin improved to 1.66%, an increase of 24 basis points year-on-year. The company’s pre-tax profit rose by $13.8 billion to$30.3 billion, while the post-tax profit increased by $8.3 billion to$24.6 billion [3] - The average tangible equity return increased from 10.0% in 2022 to 14.6% in 2023. The liquidity coverage ratio stood at 136%, total capital ratio at 20.0%, and leverage ratio at 5.6% [3] 2024 Outlook - The company maintains a cautious outlook for loan growth in the first half of 2024 but expects a mid-single-digit percentage increase in customer loans year-on-year in the medium to long term. The anticipated credit loss provisions are expected to average around 40 basis points of total loans [3][2] - The company targets a cost increase of approximately 5% for 2024, excluding the impact of the sale of the French retail banking business and the planned sale of the Canadian banking business [3]