Investment Rating - The report maintains a "Recommended" rating for Jiangsu Bank, with a target price of 14.58 CNY [2][9]. Core Insights - Jiangsu Bank's performance shows steady growth, with a 7.83% year-on-year increase in operating income to 67.183 billion CNY and an 8.32% increase in net profit attributable to shareholders, reaching 30.583 billion CNY for the first three quarters of 2025 [2]. - The bank's non-performing loan (NPL) ratio remains low at 0.84%, with a provision coverage ratio of 322.62%, indicating strong asset quality [2][9]. - The bank's net interest income saw a significant increase of 19.61% year-on-year, amounting to 49.868 billion CNY, driven by effective balance sheet expansion and cost control [9]. Financial Performance Summary - For the first three quarters of 2025, Jiangsu Bank achieved: - Operating income: 67.183 billion CNY, up 7.83% year-on-year [2]. - Net profit attributable to shareholders: 30.583 billion CNY, up 8.32% year-on-year [2]. - NPL ratio: 0.84%, stable compared to the previous quarter [2]. - Provision coverage ratio: 322.62%, down 8.4 percentage points from the previous quarter [2]. - The bank's total assets reached 4.93 trillion CNY, a 24.68% increase from the beginning of the year, with total loans of 2.47 trillion CNY, up 17.87% [9]. Growth Drivers - The bank's growth is primarily driven by: - Strong net interest income growth due to effective management of interest expenses and a robust loan portfolio [9]. - Significant contributions from non-interest income, particularly from fees and commissions, which increased by 19.97% to 4.549 billion CNY [9]. - The bank continues to expand its corporate lending, focusing on infrastructure and manufacturing sectors, while also adjusting its retail loan strategy to manage risks [9]. Future Outlook - The report projects net profit growth rates of 8.5% for 2025 and 2026, and 7.3% for 2027, reflecting a stable growth trajectory [9]. - The target price of 14.58 CNY corresponds to a price-to-book (PB) ratio of 0.95X for 2026, indicating attractive valuation relative to the bank's growth potential [9].

Core Insights - The city commercial bank sector experienced a rise of 1.06% on October 31, with Guiyang Bank leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Guiyang Bank (601997) closed at 6.08, up 3.23% with a trading volume of 1.05 million shares and a transaction value of 638 million [1] - Qilu Bank (601665) closed at 6.05, up 2.89% with a trading volume of 1.23 million shares and a transaction value of 745 million [1] - Nanjing Bank (601009) closed at 11.31, up 2.26% with a trading volume of 766,400 shares and a transaction value of 859 million [1] - Other notable banks include Changsha Bank (601577) at 9.57, up 2.24%, and Ningbo Bank (002142) at 28.34, also up 2.24% [1] Capital Flow - The city commercial bank sector saw a net inflow of 296 million from institutional investors, while retail investors experienced a net outflow of 146 million and 150 million respectively [2] - The capital flow data indicates that Nanjing Bank had a net inflow of 12.9 million from institutional investors, but a net outflow of 59.7 million from speculative funds and 69 million from retail investors [3] - Ningbo Bank recorded a net inflow of 91.9 million from institutional investors, with outflows from both speculative and retail investors [3]

Core Viewpoint - Jiangsu Bank held its 22nd meeting of the 6th Board of Directors on October 30, 2025, discussing the President's work report for Q3 2025 [1] Financial Performance - For the first half of 2025, Jiangsu Bank's revenue composition was as follows: interest income accounted for 84.8%, while non-interest income made up 4.6% [1]

Core Viewpoint - Jiangsu Bank reported a year-on-year increase in both revenue and net profit for the third quarter of 2025, indicating strong financial performance and growth potential [1] Financial Performance - For the third quarter of 2025, Jiangsu Bank achieved operating revenue of 22.319 billion yuan, representing a year-on-year growth of 7.93% [1] - The net profit attributable to shareholders for the same period was 10.344 billion yuan, reflecting an increase of 8.84% year-on-year [1] - Basic earnings per share for the third quarter stood at 0.55 yuan [1] Year-to-Date Performance - In the first three quarters of 2025, the bank's operating revenue totaled 67.183 billion yuan, with a year-on-year growth of 7.83% [1] - The net profit attributable to shareholders for the first three quarters reached 30.583 billion yuan, marking an 8.32% increase year-on-year [1] - Basic earnings per share for the first three quarters was reported at 1.59 yuan [1]

Core Insights - Jiangsu Bank reported a total asset of 4.93 trillion yuan as of the end of Q3 2025, reflecting a growth of 24.68% compared to the beginning of the year [1] - The bank's total loans amounted to 2.4696 trillion yuan, with corporate loans at 1.6641 trillion yuan and personal loans at 686.5 billion yuan [1] - The bank achieved an operating income of 67.183 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 7.83% [1] Financial Performance - Net interest income reached 49.868 billion yuan, up 19.61% year-on-year [1] - Net fee and commission income was 4.549 billion yuan, showing a growth of 19.97% [1] - The net profit attributable to shareholders was 30.583 billion yuan, an increase of 8.32% year-on-year [1] Asset Quality - The non-performing loan ratio stood at 0.84%, a decrease of 0.05 percentage points from the beginning of the year [1] - The provision coverage ratio was 322.62%, indicating strong risk compensation capacity [1]

Core Viewpoint - Jiangsu Bank (stock code: 600919) demonstrates robust growth in total assets and profitability, indicating a positive trend in financial performance and asset quality [3][5][7]. Financial Performance - Total assets reached 4.93 trillion yuan, an increase of 24.68% compared to the end of the previous year [7][8]. - The bank's operating income grew by 7.83% year-on-year [11]. - Net profit attributable to shareholders was 30.583 billion yuan, reflecting an 8.32% year-on-year increase [12]. Deposits and Retail AUM - Total deposit balance amounted to 2.54 trillion yuan, up by 20.22% from the end of the previous year [10]. - Retail Assets Under Management (AUM) exceeded 1.6 trillion yuan, showing significant growth [10]. Asset Quality - The bank's non-performing loan ratio improved to 0.84%, indicating a stable and improving asset quality [13]. - Return on Equity (ROE) was reported at 15.87%, while Return on Assets (ROA) stood at 0.96% [12][13]. Shareholder Value - The net asset value per share increased to 13.90 yuan, a growth of 9.19% compared to the end of the previous year [12].

Core Insights - Jiangsu Bank reported significant growth in total assets, reaching 4.93 trillion yuan as of September 2025, a year-on-year increase of 27.76% [2][4] - The bank's revenue for the first three quarters of 2025 was 671.83 billion yuan, reflecting a 7.83% year-on-year growth, while net profit increased by 8.87% to 318.95 billion yuan [2][3] - The bank's core tier 1 capital adequacy ratio fell to 8.61%, down 0.51 percentage points from the end of the previous year, indicating a need for capital management as it approaches regulatory requirements [2][4] Financial Performance - Interest income for the first three quarters was 498.68 billion yuan, up 19.61% year-on-year, accounting for 74.23% of total revenue [3] - Non-interest income from fees and commissions rose by 19.97% to 45.49 billion yuan, with a revenue share of 6.77% [3] - Investment income was 115.99 billion yuan, a modest increase of 2.05%, while fair value changes resulted in a loss of 10.01 billion yuan, a significant decline of 44.54 billion yuan year-on-year [3] Asset Quality and Capital Adequacy - The bank's non-performing loan ratio improved to 0.84%, a decrease of 0.05 percentage points since the beginning of the year [5] - The provision coverage ratio stood at 322.62%, down 27.48 percentage points from the previous year-end, indicating a potential concern in risk management [5] - Credit impairment losses increased by 30.42% year-on-year to 156.83 billion yuan, reflecting a proactive approach to provisioning [5]

Core Insights - Jiangsu Bank reported total assets of 4.93 trillion yuan as of September 2025, marking a year-on-year growth of 27.76%, approaching the 5 trillion yuan threshold [2][4] - The bank achieved a revenue of 671.83 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 7.83%, with net profit rising by 8.87% to 318.95 billion yuan [2][3] - The net interest income grew by nearly 20% year-on-year, while fee and commission income increased by 19.97%, indicating a significant acceleration compared to the first half of the year [3][4] Financial Performance - For the first three quarters of 2025, Jiangsu Bank's net interest income reached 498.68 billion yuan, accounting for 74.23% of total revenue, with a year-on-year growth of 19.61% [3] - The bank's fee and commission income was 45.49 billion yuan, representing a year-on-year increase of 19.97%, with the revenue share rising to 6.77% [3] - Other non-interest income included investment income of 115.99 billion yuan, up 2.05% year-on-year, while fair value changes resulted in a loss of 10.01 billion yuan, a decrease of 44.54 billion yuan compared to the previous year [3] Asset Quality and Capital Adequacy - As of September 2025, Jiangsu Bank's non-performing loan ratio was 0.84%, down 0.05 percentage points from the beginning of the year, while the provision coverage ratio was 322.62%, a decrease of 27.48 percentage points from the end of the previous year [5] - The bank increased its provision for credit impairment losses by 30.42% year-on-year to 156.83 billion yuan in the first three quarters of 2025 [5] - The core Tier 1 capital adequacy ratio fell to 8.61%, down 0.51 percentage points from the end of the previous year, and is less than one percentage point away from the regulatory requirement [4][5]

Core Viewpoint - Jiangsu Bank has made significant progress in its high-quality development journey, focusing on a stable risk control system, simultaneous growth in scale and efficiency, and innovative management practices [1] Financial Performance - For the third quarter of 2025, Jiangsu Bank reported operating income of 67.183 billion yuan, a year-on-year increase of 7.83%, and net profit attributable to shareholders of 30.583 billion yuan, up 8.32% year-on-year [2] - The annualized ROE was 15.87% and annualized ROA was 0.96%, with a non-performing loan ratio of 0.84%, marking a historical low [2] - The bank's risk coverage ratio stood at 322.62%, indicating strong risk mitigation capabilities [2] Revenue Sources - Jiangsu Bank achieved net interest income of 49.868 billion yuan, a year-on-year increase of 19.61%, and fee and commission income of 5.421 billion yuan, up 7.88% [3] - The bank's total assets reached 4.93 trillion yuan, with total loans of 2.47 trillion yuan (up 17.87% year-to-date) and total deposits of 2.54 trillion yuan (up 20.22% year-to-date) [3] Corporate Lending - As of September, the corporate loan balance was 1.6641 trillion yuan, a year-on-year increase of 26.26%, while corporate deposits grew by 20.75% to 1.4028 trillion yuan [4] - Jiangsu Bank is focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to enhance its service capabilities [4] Retail Banking - Jiangsu Bank's retail banking segment has seen significant growth, with total assets under management (AUM) surpassing 1.6 trillion yuan, ranking first among city commercial banks [6] - The bank's mobile banking app has nearly 22 million customers, with monthly active users exceeding 7.6 million [5] Asset Quality - The non-performing loan ratio of Jiangsu Bank is 0.84%, down 0.05 percentage points from the beginning of the year, maintaining the best level since its listing [7] - The bank has consistently improved its asset quality since its IPO in 2016, with a declining trend in non-performing loans over nine consecutive years [7] Market Position - Jiangsu Bank has gained significant attention in the capital markets, with nearly 70 research reports published by analysts this year [8] - The bank ranks 56th in the "Global 1000 Banks" list, improving by 10 places from the previous year, and is 16th among Chinese banks [8]

Core Viewpoint - Jiangsu Bank has made significant progress in its high-quality development journey by focusing on a stable risk control system, simultaneous growth in scale and efficiency, and innovative management practices [1] Financial Performance - For the third quarter of 2025, Jiangsu Bank reported operating income of 67.183 billion yuan, a year-on-year increase of 7.83%, and net profit attributable to shareholders of 30.583 billion yuan, up 8.32% year-on-year [3] - The annualized ROE was 15.87% and annualized ROA was 0.96%, with a non-performing loan ratio of 0.84%, marking a historical low [3] - The bank's risk coverage ratio stood at 322.62%, indicating strong risk mitigation capabilities [3] Revenue Composition - Jiangsu Bank achieved net interest income of 49.868 billion yuan, a year-on-year increase of 19.61%, and fee and commission income of 5.421 billion yuan, up 7.88% [4] - The bank's total assets reached 4.93 trillion yuan, with loan balances of 2.47 trillion yuan (up 17.87% year-to-date) and deposit balances of 2.54 trillion yuan (up 20.22% year-to-date) [4] Corporate Lending Growth - As of September, corporate loan balances reached 1.6641 trillion yuan, a year-on-year increase of 26.26%, while corporate deposit balances were 1.4028 trillion yuan, up 20.75% [7] - Jiangsu Bank is committed to enhancing financial services in key areas such as technology, green finance, and inclusive finance [8] Retail Banking Development - Jiangsu Bank's retail assets under management (AUM) surpassed 1.6 trillion yuan, with an increase of nearly 200 billion yuan, leading among city commercial banks [11] - The bank's subsidiary, Su Yin Wealth Management, has assets exceeding 800 billion yuan, maintaining its position as the top wealth management subsidiary among city commercial banks [11] Asset Quality and Risk Management - Jiangsu Bank's non-performing loan ratio was 0.84%, down 0.05 percentage points from the beginning of the year, reflecting a consistent improvement in asset quality [13][14] - The bank has implemented reforms in its risk management system, enhancing its risk control capabilities [14] Market Position and Recognition - Jiangsu Bank has gained significant attention in the capital market, with nearly 70 research reports published by analysts this year [16] - The bank ranked 56th in the "Global 1000 Banks" list, improving by 10 positions from the previous year, and was ranked 162nd in the "Fortune" China 500 list [16]