农业银行：2024年半年报点评：净息差企稳回升，业绩增速转正

Investment Rating - The investment rating for the company is "Outperform the Market" [3][20]. Core Views - The company achieved a revenue of 366.8 billion yuan in the first half of 2024, a year-on-year increase of 0.3%, with a net profit attributable to shareholders of 135.9 billion yuan, up 2.0% year-on-year. The performance improved in the second quarter after a decline in the first quarter [1]. - The net interest margin stabilized, with a slight increase of 1 basis point quarter-on-quarter, resulting in a net interest income growth of 0.1% year-on-year. The net interest margin for the first half of the year was reported at 1.45%, down 21 basis points year-on-year [1]. - The company maintained a strong loan growth, with total loans reaching 24.3 trillion yuan, a 7.8% increase from the beginning of the year. However, the deposit scale decreased by 5.2% in the second quarter due to the ban on manual interest compensation [1]. - The asset quality remained robust, with a non-performing loan ratio of 1.32%, stable compared to the end of March and down 1 basis point from the beginning of the year. The provision coverage ratio stood at 304% [1]. Summary by Relevant Sections Financial Performance - Revenue for 2024 is forecasted at 712.7 billion yuan, with a year-on-year growth of 2.6%. The net profit attributable to shareholders is projected to be 279.5 billion yuan, reflecting a growth of 3.8% [11]. - The company’s total assets reached 42.0 trillion yuan, with a loan-to-asset ratio of 55.8%, an increase of 1.4 percentage points from the beginning of the year [1]. Loan and Deposit Growth - The company’s total loans increased by 7.8% year-to-date, with corporate loans and personal loans growing by 12.1% and 7.3%, respectively. However, the personal mortgage loans decreased by 1.9% [1]. - The total deposits reached 29.5 trillion yuan, a 1.9% increase from the beginning of the year, although there was a decline in the second quarter [1]. Asset Quality and Risk Management - The company reported a non-performing loan generation rate of 0.52%, indicating a low level of new non-performing loans. The overdue loan ratio was stable at 1.07% [1]. - The provision coverage ratio of 304% indicates a strong buffer against potential loan losses [1].