证券代码：600919 证券简称：江苏银行 优先股代码：360026 优先股简称：苏银优 1 江苏银行股份有限公司 2024 年 10 月投资者交流活动纪要 2024 年 10 月，江苏银行股份有限公司与投资者沟通交流主要情 况如下： 一、参与交流投资者信息 10 月 30 日，中金公司、工银安盛人寿、Allianz Global Investors Luxembourg S.A、太平保险资管、中信保诚资管、CIC Group、Morgan Stanley Investment Management Inc. 、 鑫 巢 资 本 、 Pacific Alliance Investment Management (HK) Limited、北京沣沛投资管理有限公司、 宁波彩霞湾投资管理合伙企业、前海瑞园、博道基金、银华基金、复 星高科技（集团）有限公司、中国人保资管理、永安国富资管、嘉实 基金、Point 72、永赢基金、Abu Dhabi Investment Authority、高毅资 产、海南进化论资产、宽远资产、兴证全球基金、华安基金、华泰证 券、中粮信托、交银施罗德基金、中信证券、上海域秀资管； 10 ...

证券代码：600919 证券简称：江苏银行 公告编号：2024-039 优先股代码：360026 优先股简称：苏银优 1 一、会议类型 江苏银行股份有限公司 关于召开 2024 年三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担个别及连带责任。 重要内容提示 投资者可于 2024 年 11 月 13 日 17:30 前将重点关注的问题通 过电子邮件的形式发送至指定邮箱：dshbgs@jsbchina.cn。公司将在业 绩说明会上对投资者普遍关注的问题进行回答。 江苏银行股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日披露《江苏银行股份有限公司 2024 年第三季度报告》。公司决定 召开 2024 年三季度业绩说明会，就经营发展情况进行沟通交流，广 泛听取投资者的意见和建议。 二、会议召开的时间、形式 （二）召开形式：上证路演中心网络互动 （三）召开网址：上证路演中心（https://roadshow.sseinfo.com/） 三、公司参会人员 公司相关董事、高级管理人员。如有特殊情况，参加人 ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank (600919 SH) [2] Core Views - Jiangsu Bank's Q3 2024 results show stable profit growth and positive net interest income [1][3] - Revenue growth of 6 2% YoY in the first three quarters - Net profit attributable to shareholders grew 10 1% YoY - Net interest income increased by 1 5% YoY - Non interest income grew 17 1% YoY - The bank's asset quality remains stable with NPL ratio unchanged at 0 89% [1][3] - Valuation shows a discount compared to other leading city commercial banks [6] Business Performance Revenue and Profit - Interest income growth remained positive at 1 5% YoY in Q3 2024 [1][3] - Net interest margin is expected to remain stable - Non interest income growth slowed to 17 1% from 19 7% in H1 2024 [3] - Investment income and other non interest income grew 26 5% YoY - Net fee income declined 11 9% YoY due to base effect and timing of fee expenses - Cost to income ratio improved by 0 7 percentage points YoY [3] - Credit impairment losses decreased by 1 5% YoY supporting net profit growth [3] Loan Growth - Total loans grew 10 6% YTD and 2 0% QoQ in Q3 2024 [1][4] - Corporate loans increased 18 8% YTD with 0 9% QoQ growth - Focus on manufacturing infrastructure and small micro enterprises - Retail loans grew 2 0% QoQ after a 0 8% YTD decline - Recovery in consumer loan demand - Deposit growth was 10 7% YTD though QoQ declined 0 7% [4] - Current deposit ratio remained stable at 27 9% Asset Quality - NPL ratio remained stable at 0 89% in Q3 2024 [1][3] - Provision coverage ratio declined by 6 percentage points to 351% [1][3] - Retail loan NPL ratio increased by 19bps to 0 98% YTD [6] - Personal business loan NPL ratio rose by 9bps to 1 58% - Corporate loan quality remains strong due to favorable regional economy [6] Interest Margin - Net interest margin is expected to remain stable in Q3 2024 [5] - Loan yield declined by 20bps to 4 98% in H1 2024 - Deposit cost improved by 15bps to 2 18% in H1 2024 - Further improvement expected due to deposit rate cuts - Time deposits account for 65% of total deposits Valuation and Outlook - The bank trades at 0 69x 2024 PB showing a discount to peers [6] - Full year 2024 revenue growth is expected at 4 2% with net profit growth of 10 0% [6] - Long term strategy remains clear with capital replenishment completed [6] - Positioned to become a leading city commercial bank

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank with an updated target price of 10.3 CNY per share, reflecting a valuation of 0.8 times the projected book value for 2024 [2][5]. Core Insights - Jiangsu Bank has transitioned from a high-growth phase to a stage of high-quality development, with enhanced operational resilience and stable performance expected to exceed industry averages. The net profit growth forecasts for 2024-2026 have been adjusted to 10.1%, 9.0%, and 9.6% respectively, with corresponding book values per share (BVPS) of 12.97, 14.22, and 15.60 CNY [3][4]. Financial Performance Summary - For Q3 2024, Jiangsu Bank reported a year-on-year revenue growth of 4.3%, with net interest income supported by volume despite a slight contraction in net interest margin due to declining asset yields. The cost-to-income ratio improved, decreasing by 5.2 percentage points to 15.6%, laying a solid foundation for profit growth [3][4]. - The bank's total revenue for 2024 is projected to reach 78.847 billion CNY, reflecting a growth rate of 6.1% compared to the previous year. The net profit attributable to shareholders is expected to be 31.666 billion CNY, marking a 10.1% increase [4][11]. - As of Q3 2024, the non-performing loan (NPL) ratio remained stable at 0.89%, indicating strong asset quality, while the coverage ratio for provisions was at a robust 351% [3][4].

Investment Rating - The investment rating for Jiangsu Bank (600919) is "Buy" (maintained) [4] Core Views - Jiangsu Bank reported a double-digit profit growth with a robust credit environment [6] - The bank's revenue for the first three quarters of 2024 reached 62.303 billion yuan, a year-on-year increase of 6.18% [6] - The net profit attributable to shareholders for the same period was 28.235 billion yuan, reflecting a year-on-year growth of 10.06% [6] Summary by Sections Financial Performance - For Q1-Q3 2024, Jiangsu Bank's interest income and non-interest income grew by 1.49% and decreased by 11.88% year-on-year, respectively [6] - The bank's net profit growth slightly increased by 0.01 percentage points compared to H1 2024 [6] - The contribution to net profit from interest-earning assets, net interest margin, other non-interest income, cost expenses, and provisions were +18.10%, -16.61%, +5.95%, +0.83%, and +3.14%, respectively [6] Credit and Deposit Growth - As of Q3 2024, the loan balance was 2.09 trillion yuan, a year-on-year increase of 17.02% [6] - The deposit balance reached 2.08 trillion yuan, reflecting a year-on-year growth of 9.08% [6] - The bank's credit structure is favorable, with retail, corporate, and discount loans accounting for 31.69%, 27.60%, and 40.72% of new loans, respectively [6] Asset Quality and Capital Adequacy - As of Q3 2024, the non-performing loan ratio and attention ratio were 0.89% and 1.45%, respectively [6] - The provision coverage ratio was 351.03%, indicating strong risk compensation capability [6] - The core Tier 1 capital adequacy ratio was 9.27%, showing sufficient capital [6] Future Outlook - The bank expects revenue growth of 6.58%, 7.01%, and 8.04% for 2024, 2025, and 2026, respectively, with a three-year CAGR of 7.21% [6] - The net profit is projected to grow by 9.75%, 10.71%, and 11.83% for the same years, with a three-year CAGR of 10.76% [6]

Investment Rating - The investment rating for Jiangsu Bank is "Buy" (maintained) [1][2]. Core Views - Jiangsu Bank's performance shows strong sustainability, with a balanced asset distribution and robust asset quality. The bank's core competitiveness is supported by its historical endowment combined with financial technology, a solid public business foundation in manufacturing and infrastructure, and a competitive retail business with scale advantages [1][2]. Summary by Sections Revenue and Profit Growth - Revenue growth has slightly narrowed, with a year-on-year increase of 6.1% in Q3 2024 compared to 7.1% in the first half of 2024. Net profit growth remains stable at 10.1% year-on-year for the first half of 2024 [5][11]. - Cumulative revenue, PPOP, and net profit for Q3 2024 show year-on-year growth of 6.1%, 7.1%, and 10.1% respectively [5][6]. Net Interest Income and Margin - Net interest income decreased by 0.1 percentage points quarter-on-quarter, with the annualized net interest margin declining by 8 basis points to 1.71%. The yield on interest-earning assets fell by 23 basis points to 3.94%, while the cost of interest-bearing liabilities decreased by 10 basis points to 2.17% [8][11]. Asset and Liability Growth and Structure - The asset side remains stable, with public business continuing to grow and retail lending showing signs of recovery in the second half of the year. In Q3 2024, loans increased by 200.8 billion, with public loans up by 208.7 billion and retail loans down by 5.2 billion, although retail loans saw a net increase of 12.8 billion in the third quarter [11][12]. - On the liability side, the proportion of deposits decreased while the proportion of bond issuance increased. In Q3 2024, the changes in the proportions of deposits, bond issuance, and interbank liabilities were -1.8, +3, and -1.2 percentage points respectively [11][12]. Non-Interest Income - Non-interest income increased by 16.9% year-on-year, with other non-interest income showing a marginal upward trend. However, net fee income turned negative with an 11.9% year-on-year decrease [14][15]. Asset Quality - The bank maintains a solid asset quality with a non-performing loan (NPL) ratio of 0.89%, the best level since 2012. The annualized NPL generation rate is 1.21%, with a coverage ratio of 351.03% [16][17].

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Insights - The company reported steady growth in operating performance, with a significant rebound in profits due to the reversal of impairment losses. For the first three quarters of 2024, the company achieved operating income and net profit attributable to shareholders of 62.303 billion yuan and 28.235 billion yuan, representing year-on-year growth of 6.18% and 10.06% respectively. The annualized weighted average ROE was 16.33%, a decrease of 1.75 percentage points year-on-year. The performance was primarily driven by high growth in investment business income and the reversal of provisions boosting profits. The credit impairment losses for the first three quarters of 2024 were 12.025 billion yuan, down 1.54% year-on-year [2][3]. Summary by Relevant Sections Operating Performance - The company’s net interest income for the first three quarters of 2024 was 41.693 billion yuan, a year-on-year increase of 1.49%, showing a slight slowdown compared to the first half of the year. The interest income and interest expenses in Q3 decreased by 1.51% and 3.32% year-on-year respectively. As of the end of September 2024, total loans amounted to 2.1 trillion yuan, an increase of 16.22% from the beginning of the year, with corporate loans growing by 18.81% [2][3]. Deposit Growth - Total deposits reached 21.2 trillion yuan by the end of September 2024, up 10.54% from the beginning of the year, with corporate deposits increasing by 22.39% and personal deposits rising by 14.43% [3]. Non-Interest Income - Non-interest income for the first three quarters of 2024 was 20.61 billion yuan, a year-on-year increase of 17.11%. However, intermediary business income fell by 11.88% year-on-year, with a significant decline of 51.81% in Q3 due to increased fees and commissions [3]. Asset Quality - The company maintained stable asset quality, with a non-performing loan ratio of 0.89% as of the end of September 2024, unchanged from the beginning of the year. The coverage ratio was 351.03%, a decrease of 38.5 percentage points year-on-year, but still above the industry average [3]. Financial Forecast - The forecast for 2024-2026 indicates a projected BVPS of 12.73 yuan, 14 yuan, and 15.47 yuan respectively, with corresponding current stock price PB ratios of 0.71X, 0.64X, and 0.58X [3].

王霄鸿 wangxiaohong@orientsec.com.cn 业绩增长稳健，零售存贷款增长较好 ——江苏银行 24Q3 季报点评 核心观点 ⚫ 手续费收入拖累营收增速小幅回落，利润增速保持平稳。截至 24Q3，江苏银行营 收、PPOP、归母净利润累计同比增速（下同）分别较 24H1 变化-1.0pct、2.0pct、 0.01pct。其中净利息收入增速较 24H1 小幅回落 0.3pct，考虑到生息资产增速环比 明显提升，净息差或继续小幅收窄；净手续费及佣金收入增速较 24H1 大幅下降 23.2pct， 一是 24Q3 理财规模增长放缓，给手续费收入增长带来一定压力，二是手 续费支出延续高增；净其他非息收入增速较 24H1 回升 4.2pct，主要是金融投资公 允价值变动以及汇兑收益的贡献。管理费用及信用成本继续压降的背景下，支撑 PPOP 和归母净利润增速环比回升。 ⚫ 资产扩张提速，零售存贷款实现较好增长。截至 24Q3，江苏银行总资产同比增速 较 24H1 提高 1.1pct，其中贷款增速小幅下降 0.6pct 至 17%，而金融投资及同业资 产增长突出。总负债增速较 24H1 回升 1.2pc ...

业绩增长稳健，零售存贷款增长较好 江苏银行 24Q3 季报点评 核心观点 == ● 手续费收入拖累营收增速小幅回落,利润增速保持平稳。截至 24Q3，江苏银行营 收、PPOP、归母净利润累计同比增速( 下同 ) 分别较 24H1 变化-1.0pct、2.0pct、 0.01pct。其中净利息收入增速较 24H1 小幅回落 0.3pct，考虑到生息资产增速环比 明显提升，净息差或继续小幅收窄；净手续费及佣金收入增速较 24H1 大幅下降 23.2pct， 一是 24Q3 理财规模增长放缓,给手续费收入增长带来一定压力，二是手 续费支出延续高增；净其他非息收入增速较 24H1 回升 4.2pct，主要是金融投资公 允价值变动以及汇兑收益的贡献。管理费用及信用成本继续压降的背景下,支撑 PPOP 和归母净利润增速环比回升。 资产扩张提速，零售存贷款实现较好增长。截至 24Q3，江苏银行总资产同比增速 ● 较 24H1 提高 1.1pct，其中贷款增速小幅下降 0.6pct 至 17%，而金融投资及同业资 产增长突出。总负债增速较 24H1 回升 1.2pct，但存款增速较 24H1 下降 4pct，主 要是对公存款 ...

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][14] Core Views - The company has shown steady profit growth with a focus on cost control, achieving a 10.1% year-on-year increase in net profit for the first three quarters of 2024 [4][6] - Revenue growth has slightly slowed, with a 6.18% year-on-year increase in operating income, impacted by a decline in fee income [4][5] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.89% and a provision coverage ratio of 351% [6][11] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported operating income of 623 billion yuan, a 6.18% increase year-on-year, and a net profit attributable to shareholders of 282 billion yuan, up 10.1% [3][4] - The annualized return on equity (ROE) stands at 16.3% [3] - The total assets of the group reached 3.86 trillion yuan, reflecting a 15.6% year-on-year growth [3][5] Revenue and Cost Management - The revenue growth rate has decreased by 0.98 percentage points compared to the first half of 2024, primarily due to a decline in fee income, which fell by 11.9% year-on-year [4][5] - The net interest income increased by 1.5% year-on-year, with a net interest margin (NIM) of 1.49%, down 6 basis points from the previous quarter [5][8] Asset Quality - The NPL ratio remained stable at 0.89%, while the attention rate increased to 1.45%, indicating some retail risk disturbances [6][11] - The provision coverage ratio decreased slightly but remains high at 351%, ensuring strong risk mitigation capabilities [6][11] Future Outlook - The company is expected to maintain a positive growth trajectory, with projected earnings per share (EPS) of 1.73, 1.92, and 2.15 yuan for 2024 to 2026, respectively, reflecting growth rates of 10.6%, 11.1%, and 11.6% [7][10] - The current stock price corresponds to a price-to-book (P/B) ratio of 0.72x for 2024, indicating potential for value appreciation [7][10]