Financial Performance - Operating income for Q3 2024 reached CNY 20,678,090, representing a year-on-year increase of 4.25%[3] - Net profit attributable to shareholders was CNY 9,504,039, reflecting a growth of 10.08% compared to the same period last year[3] - The net profit after deducting non-recurring gains and losses was CNY 9,448,740, with a year-on-year increase of 10.98%[3] - Net profit for the first three quarters of 2024 reached CNY 29,296,264, an increase of 10.3% compared to CNY 26,574,024 in the same period of 2023[28] - Interest income rose to CNY 98,182,055, up from CNY 95,068,716, reflecting a growth of 2.2% year-over-year[28] - The company's basic earnings per share for the period was CNY 0.52, reflecting a decrease of 7.41% year-on-year[3] Assets and Liabilities - Total assets as of the end of the reporting period amounted to CNY 3,856,856,211, marking a 13.32% increase from the end of the previous year[3] - Total liabilities increased significantly, with derivative financial liabilities rising by 50.90% compared to the previous year[7] - The bank's total liabilities increased to CNY 3,544,774,568, compared to CNY 3,144,245,806 at the end of 2023, marking a rise of 12.8%[24] - The bank's equity attributable to shareholders increased to CNY 302,455,347, up from CNY 250,409,988, indicating a growth of 20.8%[26] Cash Flow - The net cash flow from operating activities was negative at CNY -106,115,733, a significant decline of 259.10% compared to the previous year[3] - Net cash flow from operating activities for the first three quarters of 2024 was -4,110,732, a significant decrease compared to 192,920,118 in the same period of 2023[31] - Net cash flow from financing activities improved to 202,142,686 in 2024, reversing from a net outflow of -101,966,682 in 2023[32] - Total cash inflow from investment activities increased to 2,226,380,043 in 2024 from 1,622,168,194 in 2023, reflecting a growth of approximately 37.2%[31] - Cash outflow from investment activities rose to 2,410,670,544 in 2024, compared to 1,704,869,226 in 2023, indicating an increase of about 41.4%[31] - The total cash and cash equivalents at the end of Q3 2024 reached 83,032,518, up from 72,248,283 at the end of Q3 2023, marking an increase of approximately 14.5%[32] Risk and Capital Ratios - The weighted average return on equity (annualized) decreased to 16.68%, down by 1.12 percentage points from the previous year[3] - Core Tier 1 capital adequacy ratio was reported at 9.27%[17] - The liquidity coverage ratio stood at 126.60%[20] - The provision coverage ratio decreased to 351.03% from 389.53% year-over-year[22] - The cost-to-income ratio improved to 20.17% from 20.89% year-over-year[22] - The bank's leverage ratio increased to 7.04% from 6.64% year-over-year[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 122,074, with the top ten shareholders holding a total of 6.98% and 6.93% of shares respectively[9] Non-Performing Loans and Income - The non-performing loan ratio remained stable at 0.89% compared to the previous year[22] - The bank's non-performing loan ratio remained stable, reflecting effective risk management strategies[28] - The bank's fee and commission income decreased slightly to CNY 5,024,935 from CNY 5,092,055, a decline of 1.3%[28] - The bank's investment income increased significantly to CNY 11,365,921, up from CNY 9,185,901, representing a growth of 23.8%[28] - The bank's other comprehensive income after tax rose to CNY 3,186,636, compared to CNY 836,703 in the previous year, showing a substantial increase[28] Cash Management - Cash received from equity investments amounted to 30,000,000 in 2024, while cash received from issuing debt securities increased to 1,000,314,888 from 529,729,979 in 2023[31] - The net increase in customer deposits and interbank deposits was 158,500,490 in 2024, down from 365,291,999 in 2023, showing a decline of about 56.7%[31] - Cash received from interest, fees, and commissions was 90,621,232 in 2024, slightly up from 87,690,648 in 2023, reflecting a growth of approximately 2.2%[31] - The cash outflow for paying interest, fees, and commissions increased to 50,993,162 in 2024 from 40,779,793 in 2023, representing a rise of about 24.5%[31] - The impact of exchange rate changes on cash and cash equivalents was -278,056 in 2024, contrasting with a positive impact of 42,220 in 2023[32]

会议由公司董事长葛仁余先生主持，审议通过以下议案： 一、关于江苏银行股份有限公司 2024 年三季度行长工作报告的 议案 证券代码：600919 证券简称：江苏银行 公告编号：2024-038 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董事会决议公告 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。 江苏银行股份有限公司（以下简称"公司"）第六届董事会第十 二次会议通知于2024 年10月18 日以电子邮件方式发出，会议于 2024 年 10 月 29 日以现场加视频方式召开。本次会议应参与表决董事 15 名，实际参与表决董事 15 名，监事及高级管理人员列席会议。会议 符合《公司法》等法律法规及公司章程的有关规定，表决所形成的决 议合法、有效。 表决结果：同意 15 票，反对 0 票，弃权 0 票。 - 1 - 市场利率确定，发行次数及各次发行规模依据公司资金需求以及市场 情况决定，募集资金将依据适用的法律法规和监管部门的批准使用。 同意提请股东大会授权董事会、并由董事会转授权经营层代表公 ...

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 9 月投资者交流活动纪要 2024 年 9 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 9 月 3 日，汇丰前海证券策略会交流； 9 月 5 日，国联证券； 9 月 10 日，高盛公司、新加坡政府投资基金； 9 月 11 日，招商证券策略会交流； 9 月 12 日，国海富兰克林基金； 9 月 19 日，瑞银证券、交银施罗德基金、Point 72； 9 月 20 日，泰康资产、嘉实基金、富国基金、工银瑞信基金、 汇添富基金、南方基金、长信基金、招商信诺资产； 9 月 26 日，美银证券、中泰证券、工银瑞信基金、长信基金、 永赢基金、浦银安盛基金、大都会人寿、Schroders PLC、Morgan Stanley Investment Management Inc、Bea Union Investment Management Ltd、 Torito Capital Ltd、Polymer Capital Management（HK） Ltd、B ...

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 8 月投资者交流活动纪要 2024 年 8 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 8 月 19 日，富国基金； 8 月 21 日，中信证券、Morgan Stanley、Point72 Asset Mgmt LP、 博道基金、大成基金、敦和资管、高毅资产、工银安盛人寿、工银瑞 信基金、国寿养老、海富通基金、华夏基金、慧创投资、嘉实基金、 乐瑞资产、马来西亚国库、南方基金、平安资管、交银施罗德基金、 泰康基金、友邦保险、长盛基金、中融信托、中邮人寿； 8 月 22 日，华福证券、鹏华基金； 8 月 23 日 ， 中 金 公 司 、 Millennium Capital Mgmt 、 HGNH International Asset Mgmt (SG) L.P、Fountaincap Research & Inc (HONG KONG) Co., Ltd、Best Investment Corporation (CIC Group)、Alli ...

证券研究报告 2024 年 09 月 06 日 湘财证券研究所 公司研究 江苏银行（600919.SH） 利润增速企稳，规模增长领先 核心要点： 利润增速保持稳定，手续费收入实现正增长 公司评级：增持（首次覆盖） 近十二个月公司表现 相对收益 5.56 15.70 32.44 绝对收益 1.82 5.80 17.08 % 1 个月 3 个月 12 个月 注：相对收益与沪深 300 相比 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 2024H1 与 2024Q1，江苏银行营业收入同比增长 7.2%/11.7%，归母净利润 同比增长 10.1%/10.0%，利息净收入同比增长 1.8%/-0.8%，非息净收入同 比增长 19.7%/45.5%，手续费收入同比增长 11.3%/-16.8%。公司利润增速较 一季度持平，由于规模扩张较强，利息净收入增速回升。手续费净收入转 为正增长，主要由代理手续费收入增长贡献。 区域经济势能足，对公业务迅速扩张 近年来，江苏银行在江 ...

证券代码：600919 证券简称：江苏银行 公告编号：2024-037 优先股代码：360026 优先股简称：苏银优 1 本期债券发行的募集资金将依据适用法律和主管部门的批准，用 于补充公司其他一级资本，提高资本充足率，支持业务持续健康发展。 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。 2024 年 8 月 27 日 经国家金融监督管理总局江苏监管局与中国人民银行批准，江苏 银行股份有限公司（以下简称"公司"）于近日在全国银行间债券市 场成功发行"江苏银行股份有限公司 2024 年无固定期限资本债券（第 二期）"（以下简称"本期债券"）。 - 1 - 特此公告。 江苏银行股份有限公司 关于2024年无固定期限资本债券（第二期） 发行完毕的公告 江苏银行股份有限公司董事会 本期债券于 2024 年 8 月 22 日簿记建档，并于 2024 年 8 月 26 日 发行完毕。本期债券发行规模为人民币 100 亿元，前 5 年票面利率为 2.28%，每 5 年调整一次，公司有权在第 5 年及之后的每个付息日全 部或部分赎回 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company has shown rapid revenue growth with a 7.16% year-on-year increase in operating income and a 10.05% increase in net profit attributable to shareholders for the first half of 2024. The net profit for Q2 2024 increased by 10.08% year-on-year [3][4] - The company's public business is developing rapidly, with a significant increase in public deposits and loans, indicating strong performance in corporate banking [3][4] - The company maintains stable asset quality, with a non-performing loan ratio of 0.89% in Q2 2024, a slight decrease from the previous quarter [4] Summary by Sections Financial Performance - For the first half of 2024, the company reported operating income of 74,293 million yuan, a 7.16% increase year-on-year, and a net profit of 28,750 million yuan, reflecting a 10.05% increase year-on-year. The projected EPS for 2024-2026 is 1.65, 1.81, and 1.98 yuan respectively [5][12] - The company plans to increase shareholder returns through a mid-term dividend, with a proposed dividend of 0.47 yuan per share for 2023 [3][5] Business Development - The company focuses on strengthening its corporate business and has seen public deposits reach 1,149 billion yuan, a 23.37% increase from the end of 2023, and public loans of 1,306.7 billion yuan, a 17.81% increase [3][4] - The company is enhancing its service offerings in transaction banking, inclusive finance, cross-border finance, and bond underwriting [3] Asset Quality - The non-performing loan ratio is reported at 0.89%, down 2 basis points from the previous quarter, while the provision coverage ratio stands at 357.20%, a decrease of 14.02 percentage points [4] - The overdue loan ratio increased slightly to 1.12% compared to the end of 2023 [4] Valuation - The reasonable value range for the company is estimated between 10.12 and 10.58 yuan, with a projected PB of 0.80 times for 2024 [4][12] - The company is expected to maintain a net profit growth rate of 10.74%, 9.33%, and 8.96% for the years 2024-2026 [4][12]

[Table_RightTitle] 证券研究报告|银行 [Table_Title] 规模增长保持高位 资产质量维持稳健 [Table_StockName] ——江苏银行（600919）点评报告 [Table_ReportDate] 2024 年 08 月 20 日 [Table_Summary] 报告关键要素: 江苏银行发布 2024 年中期业绩报告。 证 券 研 究 报 告 公司点评报告 公司研究 3263 投资要点: 规模增速保持高位，净息差进一步收窄：2024.1H 江苏银行营收同 比增速 7.2%，归母净利润同比增速 10.1%。其中，受规模增长的支 撑，利息净收入实现正增长。截至 6 月末，总资产同比增速 14.5%， 其中，重述口径的贷款同比增速估算值为 11.9%，环比有所下行； 金融投资同比增速 19%。贷款新增主要来自于三个行业，租赁和商 务服务业、制造业与水利、环境和公共设施管理业。整体看，规模 增速略有放缓，但仍维持较快水平。2024.1H 日均值测算的净息差 为 1.9%，同比下降 38BP，较 2023 年全年均值下降 8BP。其中，生 息资产收益率较年初下降 14BP，计息负债成 ...

Investment Rating - The investment rating for Jiangsu Bank is "Buy" with a target price of 9.16, up from the previous forecast of 8.55 [3][9]. Core Views - Jiangsu Bank is transitioning from a high-growth phase to a stable development phase with high-quality growth. The bank's performance in the mid-year report aligns with expectations, and future profit growth is projected to be sustainable [9]. - The bank's net interest income and net fee income growth turned positive in Q2, with net interest income increasing by 4.4% and net fee income by 53.2%. This is attributed to resilient growth in deposit and loan scales due to regional economic benefits [9]. - The bank's asset quality remains stable, although retail loan risks are still emerging. The non-performing loan (NPL) ratio remained flat at 0.89% as of the end of Q2, but the attention and overdue rates have increased [9]. Financial Summary - Total assets reached 2,980,295 million, with total loans at 1,893,127 million and total deposits at 1,875,335 million. The core Tier 1 capital adequacy ratio stands at 9.46% [6]. - Revenue for 2024 is projected at 80,131 million, with a growth rate of 7.9%. Net profit attributable to the parent company is expected to be 31,813 million, reflecting a growth of 10.7% [8][9]. - The bank's net interest margin is expected to remain stable, with a slight decrease of 3 basis points to 1.51% [9]. Loan and Deposit Performance - Loan growth is robust, with a year-on-year increase of 11.9%. Corporate loans contributed significantly to this growth, particularly in sectors like business leasing and manufacturing [9]. - Deposits grew by 11.5% year-on-year, with a notable increase in corporate time deposits by 31.2% [9]. Asset Quality - The overall asset quality is stable, with a high provision coverage ratio of 357%. However, retail loan risks are under scrutiny, as the NPL ratio for retail loans increased to 1.03% [9].

Investment Rating - The report maintains a "Strong Buy" rating for Jiangsu Bank [2][10]. Core Views - Jiangsu Bank's H1 2024 results show steady profit growth, with revenue, pre-provision profit, and net profit reaching 41.62 billion, 31.85 billion, and 18.73 billion respectively, representing year-on-year increases of 7.2%, 5.1%, and 10.1% [2][3]. - The bank's return on equity (ROE) stands at 16.42%, a decrease of 1.78 percentage points year-on-year [2]. Revenue and Profitability - Revenue growth has slowed down compared to the previous quarter, with a year-on-year increase of 7.2% and a quarter-on-quarter decrease of 4.6 percentage points [3]. - Net interest income increased by 1.8% year-on-year, supported by strong loan growth, while fee and commission income rose by 11.3% year-on-year, driven by a 30.7% increase in agency fee income [3]. - The cost-to-income ratio is at 22.4%, which is relatively low compared to peers, and credit impairment losses decreased by 6.3% year-on-year [3]. Loan Growth and Asset Quality - Total assets grew by 14.5% year-on-year, with loans and financial investments increasing by 8.5% and 12.8% respectively [4]. - Corporate loans saw a significant increase of 197.5 billion, while retail loans decreased by 18 billion, primarily due to declines in consumer and operational loans [4]. - The non-performing loan (NPL) ratio remains stable at 0.89%, with a slight increase in the proportion of loans under scrutiny [6][10]. Interest Margin and Cost of Liabilities - The net interest margin (NIM) is reported at 1.9%, reflecting a decrease of 8 basis points from the previous quarter [5]. - The cost of interest-bearing liabilities has improved, with a decrease in the interest rates on deposits and bonds [5]. Future Outlook - The bank is expected to maintain a leading position in terms of scale and profit growth within the industry, with projected net profit growth rates of 10.7%, 10.0%, and 12.5% for 2024-2026 [10][11]. - The closing price on August 19, 2024, was 7.67 CNY per share, corresponding to a price-to-book ratio of 0.58 times [10].