Investment Rating - The investment rating for Qingdao Bank is "Buy" [2][3]. Core Views - Qingdao Bank's 2023 revenue and net profit growth met expectations, with revenue growth increasing against the trend and net profit showing double-digit growth. The bank's asset expansion speed has accelerated, and its net interest margin outperformed peers, maintaining a "Buy" rating [2][3]. Financial Summary - Revenue for 2023 reached 12,472 million RMB, reflecting a growth of 7.11% compared to 2022, which is an increase of 2.5 percentage points [2]. - Net profit for 2023 was 3,549 million RMB, showing a growth of 15.11% year-on-year, an increase of 9.63 percentage points from 2022 [2]. - The bank's total assets, total loans, and total deposits grew by 14.8%, 11.6%, and 13.1% respectively in 2023 [2]. Net Interest Margin - The net interest margin for 2023 was 1.83%, a decrease of 2 basis points from the first half of the year but an increase of 7 basis points from 2022. This indicates stronger resilience compared to the industry average [2]. - The yield on interest-earning assets decreased by 3 basis points to 4.17%, while the loan yield fell by 5 basis points to 4.85%, both declines being smaller than those of peers [2]. Asset Quality - The non-performing loan ratio increased by 4 basis points to 1.18% compared to the end of Q3, while the provision coverage ratio decreased by 28.71 percentage points to 225.96% [2]. - The bank's attention rate improved, decreasing by 21 basis points to 0.54%, and the overdue rate fell by 10 basis points to 1.42%, indicating some improvement in forward-looking indicators [2].
青岛银行2023年报业绩点评：营收增速逆势提升，息差韧性强于同业