直击平安银行业绩发布会：零售改革成效如何？业绩何时企稳？

Core Viewpoint - In 2024, Ping An Bank aims to strengthen retail, refine corporate, and specialize in interbank operations despite a slight decline in profits and narrowing net interest margin, while total assets continue to grow steadily [1] Financial Performance - In 2024, Ping An Bank reported a net profit of 44.508 billion yuan, a year-on-year decrease of 4.2%, and operating income of 146.695 billion yuan, down 10.9% year-on-year [1] - The bank's net profit decline was primarily due to a significant drop in the fourth quarter, where net profit fell to 4.779 billion yuan, a decrease of over 90 million yuan compared to the previous quarter [2] - The increase in provision for bad debts, amounting to 17 billion yuan in the fourth quarter, significantly impacted net profit [2] Asset Quality and Risk Management - Ping An Bank plans to enhance efforts in recovering non-performing assets and improve the quality of new loans while managing existing bad debts [3] - The net interest margin for 2024 was 1.87%, a decrease of 51 basis points from 2023, influenced by market interest rate declines and the reduction of high-risk retail assets [3] - The bank aims to reduce the proportion of high-risk products and increase investments in corporate and low-risk mortgage loans [4][5] Retail and Corporate Strategy - The bank's corporate loans increased by 12.4% year-on-year, while personal loans decreased by 10.6% due to the reduction of high-risk business [5] - Ping An Bank's corporate business became a major profit source, with corporate income and net profit both growing by approximately 20% year-on-year, accounting for nearly 80% of total net profit [7] - The bank plans to balance retail and corporate business development to ensure long-term competitiveness [7] Dividend Policy - For 2024, Ping An Bank announced a cash dividend of 6.08 yuan per 10 shares, totaling 11.799 billion yuan, slightly below 30% of the annual net profit [10] - The dividend policy is influenced by various factors, including previous year dividends and mid-term dividends, which have created some capital pressure [11] - The bank maintains a long-term dividend payout ratio target of 20%-30%, balancing shareholder returns with capital needs [12]