渝农商行：季报点评：存款成本持续下降，不良额率双降

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for its stock performance in the coming months [5]. Core Insights - The company reported a revenue of 21.51 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.8%, while the net profit attributable to shareholders was 10.31 billion yuan, reflecting a year-on-year increase of 3.5% [1]. - The non-performing loan ratio decreased to 1.17% as of the end of Q3 2024, down by 2 basis points from the previous quarter, indicating improved asset quality [2]. - The bank's total assets reached 1.52 trillion yuan, with total loans amounting to 715.4 billion yuan, showing a year-on-year growth of 4.8% and 5.3% respectively [3]. - The bank is expected to benefit from the development of the Chengdu-Chongqing economic circle, with projections for net profit attributable to shareholders of 11.57 billion yuan, 12.29 billion yuan, and 13.14 billion yuan for 2024, 2025, and 2026 respectively [3]. Financial Performance Summary - For the first three quarters of 2024, net interest income decreased by 6.9% year-on-year, while non-interest income from fees and commissions fell by 9.7% [1]. - The bank's cost of deposits has been optimized, with the deposit cost rate decreasing to 1.76%, down by 3 basis points from the first half of 2024 [1]. - The bank's provision coverage ratio stood at 359% as of Q3 2024, indicating strong risk compensation capabilities [2]. - The bank's total liabilities and total deposits were 1.39 trillion yuan and 939.9 billion yuan respectively, with year-on-year growth rates of 4.6% and 3.5% [3].