日前，杭州银行交出2024年度"成绩单"，该行营收、归母净利润保持双增长态势，分别较上年增长 9.61%和18.07%。 值得一提的是，杭州银行在浙江三家城商行中，盈利能力增速最快。数据显示，宁波银行和浙商银行 （601916）2024年的归母净利润增速分别为6.23%和0.92%。 在已经披露业绩的38家上市银行中，杭州银行业绩增速也排在头部位置。截至4月3日，A股市场已有38 家上市银行披露了2024年经营业绩。其中，杭州银行以9.61%的营业收入增速排名第二，仅次于南京银 行的11.32%。在归母净利润增速方面，杭州银行以18.07%的增速位列第三，仅次于浦发银行和青岛银 行（002948）。 头部城商行中的杭州银行（600926）(600926.SH)2024年业绩出炉。 4月11日晚间，杭州银行发布2024年年报，全年实现营业收入383.81亿元，归母净利润169.83亿元，同比 分别增长9.61%和18.07%。 长江商报记者注意到，杭州银行自2016年上市以来，业绩持续稳定增长，年度营业收入和归母净利润连 续9年实现双增。 与此同时，杭州银行的资产质量也在持续改善。上市当年，杭州银行的不良贷款率 ...

Investment Rating - The report maintains a rating of "Accumulate" for Agricultural Bank of China [3][26]. Core Views - Agricultural Bank of China shows a steady growth in revenue and net profit, with revenue increasing by 2.3% year-on-year and net profit increasing by 4.7% year-on-year in 2024 [5][10]. - The growth in revenue is attributed to both interest income and non-interest income, with net interest income rising by 1.6% year-on-year [5][10]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.30% and a provision coverage ratio of 299.61% [22][23]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 702,856 million yuan, with a growth rate of 2.3% year-on-year [3]. - Net profit for 2024 is projected at 282,083 million yuan, with a growth rate of 4.7% year-on-year [3]. - Earnings per share (EPS) is expected to be 0.24 yuan for 2024 [3]. Income Sources - Net interest income is expected to reach 580,692 million yuan in 2024, with a slight increase in the net interest margin [27]. - Non-interest income is projected to grow by 5.7% year-on-year, with significant contributions from other non-interest income, which is expected to increase by 31.5% [20][27]. Asset and Liability Management - The bank's total loans are projected to grow, with a significant increase in personal loans and a rise in the proportion of savings deposits [15][16]. - Total deposits are expected to increase by 1.5% in the fourth quarter of 2024, with a notable rise in savings deposits [16][19]. Asset Quality - The non-performing loan generation rate for 2024 is expected to be 0.43%, showing improvement [22]. - The overdue rate is projected to be 1.18%, with a slight increase compared to earlier periods [22]. Investment Recommendations - The report suggests that Agricultural Bank of China has a solid fundamental outlook, with a low valuation and high dividend yield, making it a stock to actively monitor [26].

Core Viewpoint - The asset quality indicators of Industrial Bank have improved quarter-on-quarter, with a slight increase in the dividend payout ratio to 30.2% [1][6]. Financial Performance - In 2024, Industrial Bank's net profit attributable to shareholders grew by 0.1% year-on-year, marking a return to profit growth; revenue increased by 0.7% year-on-year, with a quarter-on-quarter decline in growth rate by 1 percentage point [2][3]. - The bank's non-performing loan (NPL) ratio at the end of 2024 was 1.07%, a decrease of 1 basis point from the end of Q3 2024, while the provision coverage ratio rose to 238%, an increase of 4 percentage points from Q3 2024 [2]. Impairment Improvement Supporting Profitability - The slight growth in net profit is primarily attributed to a significant improvement in impairment losses, which decreased by 1.6% year-on-year in 2024, contrasting with a 14.3% increase in the first three quarters [3]. - The improvement in impairment losses is supported by a decline in the level of new NPLs and increased efforts in recovering existing bad debts, with a real NPL TTM generation rate decreasing by 19 basis points [3]. Net Interest Margin Resilience - In Q4 2024, the net interest margin decreased by 1 basis point to 1.56, which was better than expected due to improved funding costs offsetting the decline in asset yields [4]. - Both asset yield and funding cost rates decreased by 8 basis points quarter-on-quarter [4]. Asset Quality Turning Positive - By the end of Q4 2024, the NPL ratio and attention rate decreased by 1 basis point and 6 basis points to 1.07% and 1.71%, respectively, indicating a positive turning point in asset quality [5]. - The credit card risk has significantly improved, while the pressure from real estate risks remains high, with the real estate NPL ratio at 3.89% at the end of 2024 [5]. Dividend Payout Increase - The dividend payout ratio for 2024 was 30.2%, up from 29.6% in 2023, reinforcing the dividend logic [6]. - The bank's dividend yield as of March 27, 2025, was 4.93%, indicating strong dividend value [6]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders from 2025 to 2027 is expected to grow by 0.42%, 4.45%, and 5.46%, respectively, with corresponding book values per share of 39.35, 41.98, and 44.77 yuan [7]. - The current price corresponds to a price-to-book ratio of 0.55, 0.51, and 0.48 for the respective years, with a target price of 25.82 yuan per share, indicating a potential upside of 20% [7].

行业研究 银行 2025 年 03 月 16 日 华创证券研究所 证 券 研 究 报 告 银行业周报（20250310-20250316） 推荐（维持） 提振消费促进需求回暖，资产质量趋稳 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 联系人：林宛慧 邮箱：linwanhui@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 42 | 0.01 | | 总市值(亿元) | 114,991.99 | 13.04 | | 流通市值(亿元) | 78,973.67 | 11.41 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 5.0% | 17.3% | 17.7% | | 相对表现 | 2.8% | 15.6% | 24.4% | -12% 3% 19% 34% 24/03 2 ...