2024年末，兴业银行总资产站稳10万亿元台阶，达到10.51万亿元。过去三年，该行总资产接连跨过8万亿元、9万 亿元、10万亿元三个台阶，较2021年末增长22.14%，年化增长率为6.89%。 其中，贷款规模、存款规模双双突破5万亿元大关，分别为5.74万亿元、5.53万亿元，较2021年末增长29.55%、 28.33%。 吕家进表示，做好市值管理需要内外兼修。从外部来看，要增强信心，银行业是典型的顺周期行业，一家银行规 模越大，与宏观经济的联系就越密切。当下，中国经济转型发展迎来积极变化，市场信心增强了，兴业银行做好 市值管理上就有了好的大环境。 在经历了2023年营收、净利润双降的低谷之后，2024年，兴业银行业绩反转，实现"双增"。 该行2024年年度业绩报告显示，报告期内，该行实现营业收入2122.26亿元，同比增长0.66%；实现归属净利润 772.05亿元，同比增长0.12%。 对于市场关注的净息差问题，截至报告期末，兴业银行净息差为1.82%，同比下降11BP，降幅收窄，处于同业较 好水平。 3月28日，在2024年年度业绩说明会上，兴业银行董事长吕家进提到，我国经济正经历前所未有的深刻转 ...

"五大新赛道"布局深化，营收盈利正增长 ——兴业银行（601166.SH）2024 年年报点评 2025 年 3 月 29 日 公司研究 增持（维持） 当前价：21.53 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 市场数据 | 总股本(亿股) | 207.74 | | --- | --- | | 总市值(亿元)： | 4,472.71 | | 一年最低/最高(元)： | 14.39/22.48 | | 近 3 月换手率： | 30.17% | 股价相对走势 营收盈利大幅改善，成本管控成效显著—— 兴业银行（601166.SH）2024 年一季报点评 营收稳增长，息差存韧性——兴业银行 （601166.SH）2023 年年报点评 营收增速平稳，息差韧性较强——兴业银行 （601166.SH）2023 年三季报点评 对公贷款"量价双优"，资产质量持续向好 ——兴业银行（601166.SH）2023 ...

Core Viewpoint - The management of Industrial Bank emphasizes the importance of market value management and internal strength enhancement to achieve valuation recovery, while also preparing for long-term capital market opportunities [1][2] Financial Performance - Industrial Bank plans to distribute a cash dividend of 10.60 yuan per 10 shares, totaling 22.021 billion yuan, with the dividend payout ratio exceeding 30% for the first time [1] - The bank's net interest margin for 2024 is reported at 1.82%, a decrease of 11 basis points year-on-year, while the industry average is 1.52%, down 17 basis points [7] Strategic Adjustments - The bank is transitioning from a high-capital business model to a low-capital driven approach, focusing on customer and liability management rather than high-risk assets [3][4] - The management has identified four key relationships to optimize: potential vs. expansion, liabilities vs. assets, off-balance sheet vs. on-balance sheet, and risk control vs. short-term profit [4][5] Risk Management - The bank's risk management strategy emphasizes maintaining asset quality while navigating a complex risk environment, with expectations of a decrease in new non-performing assets compared to the previous year [7][8] Retail Development - Industrial Bank is enhancing its retail banking capabilities through a systematic approach, establishing five sub-systems to improve customer service and operational efficiency [9] - The bank aims to strengthen its position in technology finance, positioning it as a key growth area alongside its existing business lines [9]

Industrial Bank (601166) H2 2024 Earnings Call March 29, 2025 12:05 AM ET Moderator Dear investors, analysts and media fans, good morning. I am the Board Director of Industrial Bank, Xiaobei Chun. This spring, I should be in a new journey and it's a great pleasure to gather with you here in Shanghai to reflect on 2024 and look ahead to 2025. Thank you for your long term support and care for Industrial Bank. And today? Croatia's framework, product management, outsourcing governance and HR management to remov ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting the stock to outperform the market by over 20% within the next six months [3][14]. Core Views - The company's profit growth has rebounded, with a slight increase in dividend levels, indicating a positive outlook for future performance [4][7]. - The bank's total assets grew by 3.4% year-on-year, with loans and deposits increasing by 5.0% and 7.7% respectively, showcasing stable growth [4][8]. - The report highlights a decrease in the non-performing loan (NPL) ratio to 1.07%, reflecting improved asset quality [8][11]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 212.2 billion yuan, a year-on-year increase of 0.66%, and a net profit of 77.2 billion yuan, up 0.12% [4][6]. - The annualized ROE for the company was reported at 9.89% [4]. Revenue and Profitability - The net interest income for 2024 was 148.1 billion yuan, with a year-on-year growth of 1.1% [9][11]. - Non-interest income showed a slight decline of 0.3% year-on-year, indicating stability in revenue streams [7][9]. Asset Quality - The NPL ratio improved to 1.07%, with a coverage ratio of 238%, indicating strong risk mitigation measures [8][11]. - The report notes a decrease in credit impairment losses by 1.6% year-on-year, contributing to the recovery in profit growth [7][9]. Dividend Policy - The company announced a dividend plan of 10.60 yuan per 10 shares, resulting in a cash dividend payout ratio of 30.17%, enhancing the attractiveness of the stock for income-focused investors [4][8]. Future Outlook - The report projects a modest growth in EPS, estimating 3.77 yuan for 2025, 3.93 yuan for 2026, and 4.14 yuan for 2027, reflecting a cautious but positive growth trajectory [7][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% within the next six months [26]. Core Views - The company is projected to achieve positive growth in both revenue and profit for 2024, positioning itself among the top performers in the sector. Key areas such as the "Five New Tracks" are expected to drive rapid growth in corporate loans, while a reduction in deposit costs will support a smaller decline in net interest margins compared to peers. The company's asset quality remains stable despite ongoing risks in sectors like real estate and retail, which are considered manageable [1][17]. Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 212.23 billion yuan, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 77.21 billion yuan, reflecting a slight increase of 0.1% [2][3]. - The net interest income grew by 1.1% year-on-year, outperforming peers, primarily due to stable growth in loan volume and a smaller decline in interest margins [3][19]. Revenue and Profit Outlook - For 2025, the company is expected to maintain a trend of slight positive growth in both revenue and profit, driven by stable corporate loan growth aligned with national policy directions and optimized deposit costs [4][17]. Asset Quality - The company's asset quality remains stable, with a non-performing loan (NPL) ratio of 1.07% as of Q4 2024, a slight decrease from the previous quarter. The provision coverage ratio improved to 237.8%, indicating enhanced risk mitigation capabilities [2][11]. Loan and Deposit Dynamics - Total loans increased by 5% year-on-year, with a focus on corporate loans in key strategic areas. The company has also seen a 7.7% increase in total deposits, supported by a significant reduction in deposit costs [10][19]. Non-Interest Income - Non-interest income showed a slight decline of 0.3% year-on-year, but other non-interest income sources maintained a stable growth rate of 9%, helping to offset the decline in fee income [3][8]. Strategic Initiatives - The company continues to enhance its competitive advantages through its three main business lines: green banking, wealth management, and investment banking, with significant growth in green loans and wealth management assets under management [16][17].

Core Viewpoint - The performance report of Industrial Bank for 2024 shows a slight increase in both operating income and net profit, indicating stable growth despite challenges in the banking sector [1] Financial Performance - In 2024, Industrial Bank reported operating income of RMB 212.23 billion, a year-on-year increase of 0.66% - The net profit attributable to shareholders reached RMB 77.21 billion, up 0.12% year-on-year - Total assets grew by 3.44% year-on-year to RMB 10.51 trillion, with a non-performing loan ratio of 1.07%, remaining stable compared to the previous year [1] Market Value Management - The bank emphasizes the importance of both internal and external factors in managing market value, with a focus on improving asset-liability structure and risk management [2] - The bank is actively working on optimizing its equity structure to mitigate market volatility impacts [2] Net Interest Margin Outlook - The net interest margin for 2024 decreased by 0.11 percentage points to 1.82%, which is better than the average decline in the commercial banking sector - The bank anticipates a potential further decline of 10 basis points in net interest margin due to falling asset yields, while maintaining a focus on effective management strategies [3] Dividend Policy - Industrial Bank's cash dividend payout ratio exceeded 30% for the first time in 2024, with a total cash dividend of RMB 22.02 billion, representing 30.17% of the net profit attributable to shareholders [3] - The bank aims to steadily increase its dividend payout ratio as a key objective to reward investors [4] Technological Financial Development - The bank is positioning technology finance as its "fourth brand," alongside green banking, wealth management, and investment banking - By the end of 2024, technology finance loans accounted for 16.89% of total loans, with a focus on enhancing service capabilities through a structured management system [6] - The bank is preparing for the establishment of a financial asset investment company (AIC), which could further boost its technology finance initiatives [6]

Core Viewpoint - Industrial Bank reported a slight increase in revenue and net profit for 2024, with a focus on enhancing shareholder returns through dividends and optimizing its capital structure [1][4]. Financial Performance - In 2024, Industrial Bank achieved operating income of 212.23 billion yuan, a year-on-year increase of 0.66%, and a net profit attributable to shareholders of 77.21 billion yuan, up 0.12% [1]. - The bank plans to distribute a dividend of 1.06 yuan per share, marking a dividend payout ratio of 30.17%, the first time exceeding 30% [4]. Asset Management and Strategy - By the end of 2024, Industrial Bank's total assets reached 10.51 trillion yuan, marking a significant milestone as it crossed the 10 trillion yuan threshold [2]. - The bank aims to optimize its equity structure by attracting long-term strategic investors, including corporate and insurance funds [3]. Interest Margin and Loan Growth - The net interest margin is expected to decline by 10 basis points in 2025, but it remains above the industry average, with a current net interest margin of 1.82% [5][7]. - Industrial Bank plans to increase new loans by 400 billion yuan in 2025, with 300 billion yuan allocated to corporate loans and 100 billion yuan to retail loans [8]. Asset Quality and Risk Management - The bank anticipates a decrease in the scale of new non-performing assets compared to the previous year, with a non-performing loan ratio of 1.07% as of the end of 2024 [9][10]. - The bank's retail loan non-performing rate stands at 0.82%, which is considered favorable within the industry [10].

Core Viewpoint - The meeting between Industrial Bank's Lanzhou branch and the Gansu Banking Association focused on the implementation of inclusive finance policies, innovation practices, and regional development, highlighting the importance of inclusive finance in promoting sustainable economic growth and social equity [1][2] Group 1: Inclusive Finance Development - Inclusive finance is a key component in providing financial services to the real economy, significantly contributing to sustainable economic growth and social fairness [1] - Gansu's banking institutions have actively responded to national inclusive finance policies, achieving notable results in supporting small and micro enterprises, rural revitalization, and green development [1] - By the end of 2024, the loan balance for inclusive small and micro enterprises in Gansu is expected to grow by over 20% year-on-year, demonstrating the commitment and effectiveness of financial institutions in serving the local economy [1] Group 2: Industrial Bank's Initiatives - The Lanzhou branch of Industrial Bank expressed gratitude for the support from the association in developing inclusive finance and provided a comprehensive overview of its current status in this area [2] - The bank recognizes that digital transformation and scenario-based services are core drivers for enhancing the quality and efficiency of inclusive finance, leading to a unique development path [2] - Future collaboration with the association and other member units will focus on integrating resources to address opportunities and challenges in the inclusive finance market, aiming to expand the industry's development space [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [5]. Core Views - The company achieved positive growth in both revenue and profit for the year 2024, with revenue growth of 0.7% and net profit growth of 0.1%, indicating a recovery from previous declines [2][3]. - The company has seen a significant decrease in deposit costs, with the interest rate on deposits falling to 1.98%, down 26 basis points year-on-year, which has helped stabilize the net interest margin [2][3]. - The non-performing loan (NPL) ratio decreased to 1.07% by the end of 2024, with an increase in the provision coverage ratio to 237.8%, suggesting improved asset quality [3][4]. - The company has consistently increased its dividend payout ratio, reaching 30.17% in 2024, with a dividend of 1.06 CNY per share, resulting in a dividend yield of approximately 4.93% [4]. Summary by Sections Performance - The company reported a total revenue of 212.226 billion CNY for 2024, with a slight increase from the previous year, and a net profit of 77.205 billion CNY, reflecting a modest recovery [9][13]. - The quarterly profit for Q4 2024 saw a significant increase of 16.9% year-on-year, indicating strong performance in the last quarter [2][3]. Non-Interest Income - The report highlights a continued decline in fee income, with a year-on-year decrease of 14.70% in Q1 2024, although other non-interest income showed some resilience [32]. Interest Margin and Funding - The net interest margin for 2024 was reported at 1.82%, with signs of stabilization in the first quarter of 2025, despite some pressure from loan repricing [2][3]. Asset Quality - The company has effectively managed its asset quality, with a reduction in the NPL balance to 61.48 billion CNY, down 6.4 billion CNY from the previous quarter [3][4]. - The provision for loan losses increased to 146.18 billion CNY, indicating proactive management of credit risk [3]. Capital and Shareholder Returns - The company has maintained a strong capital position, with a core Tier 1 capital adequacy ratio of 9.66% and a steady increase in dividend payouts, enhancing shareholder returns [4][9].