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当43万亿资产的农行仍在“双增”,支撑股价的底气是这些......
券商中国·2025-03-29 05:12

Core Viewpoint - Agricultural Bank of China (ABC) reported a significant increase in both operating income and net profit for the year 2024, with a net profit growth rate of 4.8%, outperforming comparable peers in the industry [1][3]. Financial Performance - ABC achieved a net profit of 282.7 billion yuan, a year-on-year increase of 4.8%, and operating income of 711.4 billion yuan, up 2.3%. Net interest income reached 580.7 billion yuan, growing by 1.6% [3]. - The bank issued new loans totaling 2.29 trillion yuan, with a growth rate of 10.13%. Total assets surpassed 43 trillion yuan, reaching 43.2 trillion yuan, an increase of 8.4% from the previous year [3]. - Daily average deposits in domestic markets increased by 2.29 trillion yuan, with a deposit deviation rate reduced to 0.42%, both ranking first among peers [4]. Risk Management - The non-performing loan (NPL) ratio stood at 1.3%, down 3 basis points from the previous year, while the ratio of loans under special attention decreased by 2 basis points to 1.40%. The negative "scissors difference" between overdue and non-performing loans has been maintained for 18 consecutive months, indicating effective risk mitigation [4]. - The provision coverage ratio was 299.61%, demonstrating strong risk compensation capabilities. The bank issued a total of 320 billion yuan in capital bonds and TLAC bonds, with the capital adequacy ratio increasing by 1.05 percentage points to 18.19% [4]. Market Response - ABC's stock prices in both A-shares and H-shares increased by 55% and 58% respectively compared to the end of the previous year, leading the industry in market performance. The total dividend payout for 2024 is set to increase by 38.5 billion yuan compared to 2023 [5][6]. Strategic Focus - The bank's strategy emphasizes serving the national development agenda while achieving steady business growth. Key performance indicators include surpassing 5 trillion yuan in inclusive loans and 9 trillion yuan in personal loans, leading the industry [8][12]. - ABC's focus areas include enhancing financial services for agriculture, supporting the real economy, and maintaining consumer rights protection. The bank has established a comprehensive consumer protection system, achieving the lowest complaint rates among peers [9]. Innovation and Development - ABC has implemented innovative products and services to support rural financial services, with the "Huinong e-loan" product reaching a balance of 1.49 trillion yuan, growing by 37.7% [18]. - The bank is leveraging technology to enhance its service capabilities, with the deployment of DeepSeek models in various operational areas [10]. Future Outlook - The bank aims to maintain stable asset quality and a favorable non-performing loan ratio, with a focus on risk prevention and management. The bank's credit impairment losses for 2024 were 130.8 billion yuan, a slight decrease of 3.6% year-on-year [21]. - ABC plans to strengthen its risk management framework, particularly in key sectors such as real estate and local government debt, while continuing to support national strategic initiatives [22].