资产质量整体稳定，利润保持正增长

Investment Rating - The report maintains a "Buy" rating for Ping An Bank [4] Core Views - The bank's asset quality remains stable, with a slight improvement in profit growth despite a decline in revenue [1][2] - The bank has increased efforts in bad debt write-offs and recoveries, contributing to a stable overall asset quality [8] - The current dividend yield stands at 6.73%, and the price-to-book ratio (PB) is 0.45x, indicating attractive valuation [10] Financial Performance Summary - Revenue for Q1 2024 was 38.8 billion yuan, a year-on-year decrease of 14.0%, while net profit attributable to shareholders was 14.9 billion yuan, a year-on-year increase of 2.3% [1] - The non-performing loan (NPL) ratio was 1.07%, a decrease of 1 basis point from the previous quarter [1][2] - Interest income decreased by 21.7% year-on-year, primarily due to weak credit growth and continued pressure on net interest margin, which was 2.01%, down 62 basis points year-on-year [1] - Non-interest income grew by 4.9%, with a significant increase in other non-interest income by 56.7% due to favorable bond market conditions [1] Asset Quality - The NPL ratio for corporate loans was 0.78%, up 4 basis points from the end of the previous year, while the NPL ratio for retail loans was 1.41%, also up 4 basis points [3] - The bank has intensified efforts in bad debt write-offs, with Q1 write-offs amounting to 17.7 billion yuan, a year-on-year increase of 12.1% [8] - The bank's provision coverage ratio was 262%, down 16 percentage points from the previous quarter [2] Loan and Deposit Trends - Total assets reached 5.7 trillion yuan, a year-on-year increase of 5.0%, with total loans amounting to 3.5 trillion yuan, a year-on-year increase of 1.2% [9] - Corporate loans increased by 155.9 billion yuan, while retail loans decreased by 99.6 billion yuan due to proactive risk management [9] - Total deposits reached 3.5 trillion yuan, with a quarter-on-quarter growth of 1.4%, driven mainly by personal time deposits [9] Business Development - Retail customer base reached 126 million, a 0.3% increase from the end of the previous year, with assets under management (AUM) growing to 4.08 trillion yuan [10] - The bank's corporate business, particularly payroll and bulk services, has shown significant growth, with deposits from this segment increasing by 4.8% [10]