详解农业银行2023年报：业绩增速保持稳健，资产质量继续改善

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6-12 months compared to the benchmark index [25]. Core Insights - In 2023, the company's revenue decreased by 0.1% year-on-year, while the net profit attributable to shareholders increased by 3.9%, indicating a stabilization in profit growth despite a slight decline in revenue [3][30]. - The net interest income showed a year-on-year decline of 3.1%, but the growth rate of non-interest income rebounded to 18.8% [3][30]. - The asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.33% at the end of Q4 2023, down 2 basis points from the previous quarter [18][19]. Summary by Sections Revenue and Profitability - Revenue growth rates for 2022, Q1 2023, H1 2023, Q1-Q3 2023, and 2023 were 0.01%, 2.09%, 0.79%, -0.60%, and -0.07% respectively. The net profit growth rates were 7.48%, 1.75%, 3.33%, 4.97%, and 3.91% respectively [3][30]. Net Interest Income - In Q4 2023, net interest income decreased by 3.6% quarter-on-quarter, with an annualized net interest margin down by 9 basis points to 1.42% [8][9]. Asset and Liability Growth - In Q4 2023, new loans totaled 284.1 billion, with a decrease in corporate loans by 58.3 billion and retail loans by 24.1 billion. The bond investment grew by 7.1% [9][12]. - Deposits remained stable with a quarter-on-quarter growth rate of 0.1%, adding 41.843 billion in new deposits [9][12]. Asset Quality - The NPL ratio improved to 1.33%, with a net NPL generation rate of 0.09%, down 24 basis points from Q3 [18][19]. - The provision coverage ratio was stable at 303.87%, with a slight decrease of 0.25 percentage points [18][19]. Capital Adequacy - As of the end of Q4 2023, the core Tier 1 capital adequacy ratio was 10.72%, with a quarter-on-quarter increase of 28 basis points [22][23]. Shareholder Changes - The top ten shareholders saw changes, with Central Huijin Investment Co., Ltd. increasing its stake by 0.11% [22][23]. Investment Recommendations - The company is considered fundamentally sound with a low valuation and high dividend yield, suggesting active monitoring. The report maintains a "Buy" rating [22][23].