ICBC(601398) 新浪财经·2025-03-31 10:32Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) reported a revenue of 821.80 billion yuan for 2024, reflecting a year-on-year decrease of 2.52% [1]. Revenue and Profit Summary - The bank achieved a net profit attributable to shareholders of 365.86 billion yuan, which is a year-on-year increase of 0.51% [2]. - Revenue growth improved marginally compared to the first three quarters, with a year-on-year growth rate of 1.29 percentage points, primarily due to better performance in interest margin business [3]. Interest Income and Margin Analysis - The bank's net interest income for 2024 was 637.41 billion yuan, down 2.69% year-on-year, but the growth rate improved by 2.26 percentage points compared to the first three quarters [3]. - The average yield on interest-earning assets was 3.17%, a decrease of 5 basis points from the previous quarter, attributed to lower mortgage rates and insufficient effective financing demand [4]. Loan and Deposit Performance - As of the end of 2024, the bank's loan balance reached 28.37 trillion yuan, an increase of 8.76% year-on-year, although the growth rate decreased by 0.21 percentage points compared to the previous quarter [4]. - The bank's deposit interest rate was 1.72%, down 12 basis points from the first half of the year, indicating a significant improvement in deposit costs [4]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio at the end of 2024 was 1.34%, a decrease of 1 basis point from the previous quarter, with notable improvement in corporate NPL ratios [5]. - The bank's provision coverage ratio was 214.91%, down 5.39 percentage points from the previous quarter, indicating a strong risk mitigation capacity [6]. Investment Outlook - The bank maintains a "Buy" rating, with projected revenues of 833.10 billion, 863.80 billion, and 900.50 billion yuan for 2025-2027, reflecting year-on-year growth rates of 1.38%, 3.68%, and 4.25% respectively [7].