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].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 江苏银行(600919) 投资评级 上次评级 [Table_Author] 廖紫苑 银行业分析师 执业编号：S1500522110005 邮 箱：liaoziyuan@cindasc.com 张晓辉 银行业分析师 执业编号：S1500523080008 邮 箱：zhangxiaohui@cindasc.com 王舫朝 非银金融行业首席分析师 执业编号：S1500519120002 邮 箱：wangfangzhao@cindasc.com 相关研究 [Table_OtherReport] 24Q1 营收和利润增速均超 10%，"五 篇大文章"显成效 利润增速稳居前三，零售 AUM 突破万 亿 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127金隅大厦B座 邮编：100031 [Table_Title] 利润双位数增长，信贷加速投放 [Table_ReportDate] 2024 年 08 月 19 日 [Table_S 事件：近日ummar, ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank (600919.SH) with a target price of 9.98 CNY per share, reflecting a price-to-book (PB) ratio of 0.7 times for the year 2024 [5]. Core Insights - Jiangsu Bank's 2024 mid-year report shows revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders increased by 7.2%, 5.1%, and 10.1% year-on-year, respectively. The growth rates have declined compared to Q1 2024, indicating a significant drop in revenue growth but maintaining double-digit net profit growth, showcasing management's confidence in achieving annual targets [2][3]. Summary by Sections Financial Performance - In Q2 2024, revenue growth slowed to 2.9% from 11.7% in Q1, primarily due to a 10.7% decrease in other non-interest income. However, net profit growth remained stable at 10.1%, with a 29% reduction in impairment losses compared to the previous quarter [3]. - The reported net interest margin (NIM) for H1 2024 is 1.90%, a year-on-year decrease of 38 basis points, but the actual narrowing is less severe at 17 basis points when calculated based on net interest income over average earning assets [3]. - Fee income grew by 11.3% in H1 2024, driven by an increase in wealth management scale, which reached 604.5 billion CNY, a 16% increase from the beginning of the year [3]. Asset Quality - As of June 2024, the non-performing loan (NPL) ratio stands at 0.89%, unchanged from December 2023, with a provision coverage ratio of 357%, down 32.3 percentage points from the previous period. The new NPL generation rate is estimated at 1.34%, reflecting a year-on-year increase of 38 basis points [3][12]. Earnings Forecast - The forecast for net profit growth is 10.2% for 2024 and 11.3% for 2025, with earnings per share (EPS) projected at 2.09 CNY and 2.34 CNY, respectively. The book value per share (BVPS) is expected to be 14.26 CNY and 16.09 CNY for the same years [3].

银行 2024 年 8 月 19 日 强烈推荐（维持） 事项： 股价：7.67 元 平安观点： 行情走势图 相关研究报告 主要数据 行业 银行 公司网址 www.jsbchina.cn 大股东/持股 江苏省国际信托有限责任公司/6.98% 实际控制人 总股本(百万股) 18,351 流通 A 股(百万股) 18,351 流通 B/H 股(百万股) 总市值（亿元） 1,408 流通 A 股市值(亿元) 1,408 每股净资产(元) 12.15 资产负债率(%) 92.3 袁喆奇 投资咨询资格编号 研究助理 S1060520080003 YUANZHEQI052@pingan.com.cn | --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|-------|-------|-------| | | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业净收入(百万元) | | | | | | | YOY(%) | | | | | | | 归母净利润(百万元) | | | | | | ...

Investment Rating - The report maintains a "Recommended" rating for Jiangsu Bank, indicating a positive outlook based on its strong performance and growth potential [2]. Core Insights - Jiangsu Bank's operating performance is stable and improving, with H1 2024 revenue and net profit reaching 41.625 billion yuan and 18.731 billion yuan, respectively, representing year-on-year growth of 7.16% and 10.05% [1]. - The bank's net interest income for H1 2024 was 27.656 billion yuan, showing a year-on-year increase of 1.76%, while the net interest margin stood at 1.90% [1]. - The bank's non-interest income reached 13.969 billion yuan, a year-on-year increase of 19.74%, driven by a recovery in intermediary business and high investment returns [1]. Summary by Sections Financial Performance - For H1 2024, Jiangsu Bank achieved operating revenue of 41.625 billion yuan and net profit attributable to shareholders of 18.731 billion yuan, with annualized ROE at 16.42% [1]. - The bank's total loans grew by 8.47% year-to-date, with corporate loans increasing by 17.81% [1]. Business Segments - Corporate loans showed strong growth, particularly in manufacturing, green financing, and inclusive small and micro loans, which increased by 21.23%, 22%, and 13.83%, respectively [1]. - Retail loans experienced a slight decline of 2.76%, with mortgage loans remaining stable and consumer loans being reduced [1]. Asset Quality - As of June 2024, the non-performing loan ratio was 0.89%, unchanged from the beginning of the year, indicating stable asset quality [2]. - The coverage ratio for provisions was 357.2%, reflecting strong risk mitigation capabilities [2]. Future Projections - The report forecasts operating revenue to reach 80.297 billion yuan in 2024, with a growth rate of 8.08% [5]. - Net profit attributable to shareholders is projected to be 31.659 billion yuan in 2024, with a growth rate of 10.12% [5].

银行 江苏银行（600919） 贷款新口径下资产质量总体平稳，业绩渐趋回归平稳增长 事件：江苏银行披露 2024 年中报，1H24 实现营收 416 亿元，同比增长 7.2%，实现归母净利 润 187 亿元, 同比增长 10.1%, 2Q24 不良率 0.89%, 同口径下较年初持平. 拨备覆盖率 357.2%, 同口径下较年初下降 32.3pct。业绩及资产质量符合预期。 其他非息贡献回落导致营收如期放缓, 但相对积极的信号在于以量补价已支撑利息净收入 增速回正：1H24 江苏银行营收同比增长 7.2% (前瞻中预期为 6.8%，1Q24 为 11.7%) , 归母净利润同比增长 10.1%（前瞻中预期 10.1%，1Q24 为 10.0%）。从驱动因子来看， ① 高基数下其他非息收入增速放缓。1H24 投资收益及公允价值变动相关其他非息收入同 比增长 22%（1Q24 为增长 87%），贡献营收增速 5.1pct（1Q24 为贡献 14.9pct），其 中 2Q24 单季下滑 14%（去年同期为大幅增长 72%）。 ② 息差降幅收窄叠加以量补价 , 利息净收入增速转正。1H24 利息净收入同比增长 1.8 ...