微众银行2023年报更新：业绩增速放缓，息差逆势提升

Investment Rating - The investment rating for the industry is "Add" [1] Core Insights - The performance of WeBank in 2023 met expectations, with significant loan issuance driving asset expansion, while net interest margin increased against the trend, although asset quality showed slight pressure [2] - Total assets of WeBank grew by 13.0% in 2023, an increase of 3 percentage points compared to 2022, with loans increasing by 77.5 billion yuan, a year-on-year growth of 23.0% [2] - The loan structure revealed a 28.4% increase in corporate loans and a 20.61% increase in personal loans, while the bill size decreased by 1.68 billion yuan [2] - The total liabilities of WeBank grew by 11.87%, with deposits only increasing by 5.22%, and the bond payable scale expanded by 3.67 times [2] - Operating income increased by 11.3% year-on-year, with net interest income rising by 20.8%, while net profit grew by 21% despite a decline of 8.8% compared to 2022 [2] - The net interest margin for 2023 was 6.18%, up by 50 basis points from 2022, driven by changes in asset structure [2] - The non-performing loan ratio was 1.46%, remaining stable compared to 2022, while the provision coverage ratio decreased by 61.4 percentage points to 352.64% [2] - Looking ahead to 2024, WeBank's performance may align more closely with industry averages, with potential pressure on loan growth due to factors like loan repricing and LPR adjustments [2] Summary by Sections - Asset Expansion: WeBank's total assets increased by 13.0% in 2023, with loans contributing significantly to this growth [2] - Loan Structure: Corporate loans grew by 28.4% and personal loans by 20.61%, while the bill size decreased [2] - Liabilities: Total liabilities increased by 11.87%, with a notable expansion in bond payables [2] - Performance Metrics: Operating income rose by 11.3%, with net interest income and net profit also showing positive growth [2] - Interest Margin: The net interest margin improved to 6.18%, influenced by asset structure changes [2] - Asset Quality: The non-performing loan ratio remained stable, but the provision coverage ratio saw a significant decline [2] - Future Outlook: Anticipated alignment with industry averages in 2024, with potential challenges in loan growth [2]