2024年一季报点评：业绩增速黑马，三项营收全面增长

Investment Rating - The report maintains a "Buy" rating for Ruifeng Bank [9]. Core Views - Ruifeng Bank's Q1 2024 performance exceeded expectations, with a 15.3% year-on-year increase in operating income, a 5.6% increase in net interest income, and a 14.7% increase in net profit attributable to shareholders [1][3][10]. - The bank's non-performing loan ratio remained stable at 0.97%, with a provision coverage ratio of 304.8%, indicating strong asset quality [1][10]. - The bank's strategy of investing in high-quality small banks in Zhejiang is expected to enhance its return on equity (ROE) over the long term [3][10]. Summary by Sections Financial Performance - Operating income for Q1 2024 grew by 15.3% year-on-year, with net interest income increasing by 5.6% and net profit attributable to shareholders rising by 14.7% [1][3]. - The bank's net interest margin decreased by 13 basis points to 1.60%, but net interest income showed resilience due to a low base from the previous year [6][10]. - Non-interest income saw a significant increase of 47.3%, driven by favorable market conditions in the bond market [6][10]. Loan and Deposit Growth - Total loans increased by 8.0% compared to the beginning of the year, with a year-on-year increase of 31.9 billion yuan [9]. - Deposits grew by 4.4% from the beginning of the year, with savings deposits increasing by 5.4% [9]. Asset Quality - The non-performing loan ratio remained stable at 0.97%, and the provision coverage ratio improved by 0.7 percentage points to 304.8% [10]. - The bank employs a robust risk control model that assesses internal operational data to gauge substantive risks [10]. Investment Strategy - The bank has increased its stake in Yongkang Rural Commercial Bank and completed the acquisition of a stake in Cangnan Rural Commercial Bank, which is expected to bolster investment income [7][10]. - Future investments in high-quality small banks in Zhejiang are anticipated to further support revenue and ROE [7][10].