详解渝农商行2024三季报：业绩符合预期，资产质量稳健

Investment Rating - The investment rating for the company is "Buy" [2][15][18] Core Views - The report indicates that the company is experiencing a slight decline in revenue and net profit growth due to a slowdown in non-interest income, with a cumulative year-on-year revenue decrease of 1.9% as of Q3 2024 [5][14] - The company maintains a stable asset quality, with a non-performing loan (NPL) ratio of 1.17%, which has decreased by 2 basis points [12][13] - The report highlights the company's strong position in the Chongqing market, capitalizing on the development of three trillion-level industrial clusters and the Chengdu-Chongqing economic circle [15] Summary by Sections Q3 Report Overview - The company's net interest income remains stable, with a quarter-on-quarter growth of 1% in Q3 2024, driven by an increase in new credit issuance [5][8] - The overall cumulative net profit growth has decreased by 1.8 percentage points to 3.5% year-on-year [5][14] Net Interest Income - Q3 net interest income increased by 1% quarter-on-quarter, with a narrowing decline in net interest margin to 1.57% [8][9] - The asset yield decreased by 11 basis points to 3.26%, while the liability interest rate decreased by 7 basis points to 1.78% [8][9] Asset and Liability Growth and Structure - New credit issuance in Q3 2024 was 8.51 billion yuan, a year-on-year increase of 54.2% [8][11] - The loan-to-earning asset ratio increased to 46.9%, with corporate loans remaining the primary focus [8][11] Asset Quality - The overall asset quality remains robust, with a non-performing loan ratio of 1.17% and a cumulative annualized NPL generation rate of 0.86% [12][13] - The provision coverage ratio decreased to 358.59% [12][13] Other Financial Metrics - The report notes a year-on-year increase of 21.3% in net non-interest income, although this is a decline from the previous quarter [14] - The cost-to-income ratio has decreased year-on-year to 26.97% [14]