According to the Guangfa Securities Research Report, on May 31, the China Financial Supervisory Administration released the main regulatory indicators for commercial banks for the first quarter of 2024. The profit growth rate of commercial banks decreased by 2.6 pct to 0.7% compared to the previous year, and the share of non-interest income contribution increased. The “volume of credit is declining steadily”, and credit investment in key areas and weak links is booming. The 24q1 interest spread narrowed by 15bp to 1.54%, which is estimated to be mainly dragged down by the decline in return on assets. Currently, the banking sector has both offensive and defensive attributes, and is still highly attractive in terms of configuration.
广发证券：银行非息贡献提升，资产质量稳健
GF Securities: Banks' non-interest contribution has increased, asset quality is stable
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