其他非息高增，资产质量稳健

Investment Rating - The report assigns a "Buy-A" and "Buy-H" rating for the company [1]. Core Insights - The company reported a slight decline in revenue and pre-provision operating profit (PPOP) by 1.8% and 2.2% respectively, while net profit attributable to shareholders increased by 2.4% year-on-year [11]. - Key highlights include a significant growth in loans and deposits, with total loans increasing by 12.6% and deposits by 12.3% year-on-year [12]. - The asset quality remains stable, with a non-performing loan (NPL) ratio of 1.37%, unchanged from the previous quarters [12]. - Other non-interest income saw a substantial increase of 53% year-on-year, contributing positively to the overall financial performance [12]. Summary by Sections Financial Performance - Revenue, PPOP, and net profit attributable to shareholders showed year-on-year changes of -1.8%, -2.2%, and +2.4% respectively, with variations in growth rates compared to the first three quarters of 2023 [11][12]. - The company’s net interest margin decreased to 1.70%, down 31 basis points from the previous year [12]. Loan and Deposit Growth - Total loans grew by 12.6% year-on-year, with corporate loans increasing by 18.4% and personal loans by 5.3% [12]. - Deposits also maintained a high growth rate of 12.3%, with a notable increase in personal deposits [12]. Asset Quality - The NPL ratio stood at 1.37%, consistent with previous quarters, indicating stable asset quality [12]. - The provision coverage ratio was reported at 239.85%, reflecting strong risk mitigation capabilities [12]. Non-Interest Income - Other non-interest income rose to 36.757 billion, marking a 53.12% increase year-on-year, driven by higher investment and exchange rate gains [12]. Profit Forecast - The forecast for net profit growth is projected at 0.47% and 1.69% for 2024 and 2025 respectively [12].