4月29日晚间，苏农银行（603323）披露了2024年年报及2025年一季度报告，向外界展示过去一年多的 经营成果。 数据显示，2024年，苏农银行实现营业收入41.74亿元，同比增长3.17%；实现归母净利润19.45亿元， 同比增长11.62%。今年第一季度，苏农银行实现营业收入11.32亿元，同比增长3.29%，实现归母净利润 4.40亿元，同比增长6.19%。收入、利润继续保持双增态势。 2024年是苏农银行改制成立二十周年，过去一年，苏农银行围绕"三一五"发展战略规划和"三个银行"愿 景，践行金融使命、深耕主责主业，开创了苏农事业发展新局面。 2024年分红预案中，苏农银行除了每10股派发1.8元的现金分红外，今年新增资本公积转增股本，每10 股转增1股，此外增加了2025年中期分红相关安排，努力提升投资者获得感，践行上市公司责任。 各项规模指标再上新台阶 截至2024年末，苏农银行总资产突破2100亿元，达2139.87亿元，较2024年初增加114.22亿元，增长 5.64%。截至今年一季度末，苏农银行总资产再上新台阶，达2218.90亿元。 存贷款方面，截至2024年末，苏农银行各项存款总额 ...

Group 1 - The core viewpoint of the article highlights that Su Nong Bank (603323) reported a revenue of 1.132 billion yuan in the first quarter of 2025, reflecting a year-on-year growth of 3.29% [1] - The net profit for the same period was 440 million yuan, showing a year-on-year increase of 6.19% [1]

信贷开门红下净息差、资产质量受关注。 进入4月下旬，银行即将开启一季报披露大幕。贝壳财经记者不完全统计，目前已有至少6家银行率先披 露了一季度经营情况或一季度业绩快报。从披露的数据来看，不少银行在一季度实现了净利润的双位数 增长，信贷也迎来了"开门红"，而存款利率有望进一步下降。 "今年虽然一季度总体信贷规模超预期，但是银行的资产质量和净息差仍总体承压，这两项是决定银行 今年总体业绩能否稳定的核心要素。"一位银行业内部人士告诉贝壳财经记者，目前来看，净息差下行 的边际将有所好转，但银行普遍对重点领域资产质量"严阵以待"。 不过，中银研究认为，2025年银行业资产负债规模将稳健增长，让利实体经济保持应有力度，资产质 量、资本充足率情况持续向好。中银研究预计，2025年上半年，在银行"开门红"活动推动下，资产和负 债增速将保持在9%左右。 多家银行一季度净利润双位数增长 信贷迎来"开门红" 据贝壳财经记者不完全统计，在目前已披露一季度经营情况的银行中，部分银行预计一季度归属母公司 股东净利润可达到双位数增长。 常熟银行（601128）发布的一季度业绩快报显示，该行一季度实现营业收入29.71亿元，同比增长 10. ...

Core Viewpoint - Several rural commercial banks in Jiangsu province, including Zhangjiagang Rural Commercial Bank, Taicang Rural Commercial Bank, Suzhou Rural Commercial Bank, and Kunshan Rural Commercial Bank, have been fined a total of 2.47 million yuan for various regulatory violations, primarily related to the failure to adequately separate wealth management investments from proprietary investments [1][2][5]. Group 1: Regulatory Penalties - Zhangjiagang Rural Commercial Bank was fined 300,000 yuan for failing to completely separate wealth management investments from proprietary investments [3][4]. - Taicang Rural Commercial Bank received a fine of 700,000 yuan for similar issues and for exceeding qualifications in investment management products [5][6]. - Suzhou Rural Commercial Bank was fined 600,000 yuan for not adequately separating wealth management investments from proprietary investments and for improper disposal of non-performing assets [9][10]. - Kunshan Rural Commercial Bank's Shuyang branch was fined 600,000 yuan for inadequate management of working capital loans and personal loans [12][13]. Group 2: Individual Penalties - The financial market department general manager of Taicang Rural Commercial Bank, Guo Jiamei, was fined 90,000 yuan for exceeding qualifications in investment management products [6]. - The risk director of Kunshan Rural Commercial Bank's Shuyang branch, Xu Shicheng, was warned and fined 60,000 yuan for inadequate management of working capital loans [12]. - The branch manager of Kunshan Rural Commercial Bank's Shuyang branch, Xu Faming, was also warned and fined 60,000 yuan for inadequate management of personal loans [12]. - Multiple individuals from Postal Savings Bank of China’s Suqian branch were fined 60,000 yuan for inadequate management of personal and working capital loans, with individual fines of 60,000 yuan for various managers [14][15].

证券代码：603323 证券简称：苏农银行 公告编号：2025-005 江苏苏州农村商业银行股份有限公司 关于接待机构投资者调研情况的公告 江苏苏州农村商业银行股份有限公司(以下简称"本行"或"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法律责任。 本行于 2025 年 1 月 1 日至 2025 年 3 月 31 日期间，通过现场调研、电话会 议等形式共接待投资者调研 11 场次，现将主要情况公告如下： 答：年初，人民银行工作会议明确 2025 年将实施适度宽松的货币政 策，将根据国内外经济金融形势和金融市场运行情况，择机降准降息，因 此银行存款利率有望进一步下降。随着利率市场化改革的深入推进，本行 在存款利率定价方面的敏感性不断增强，辅之以对存款期限结构的持续调 整，预计存款端成本与效益将得到更好地平衡。此外，随着金融科技的不 断发展，本行在存款营销及服务方面的创新也将进一步节约存款端的综合 运营成本。 四、作为金融服务的"五篇大文章"之一，贵行在科技金融方面有何 新尝试吗？ | 序号 | 调研时间 | | 调研类别 | 参与 ...

Investment Rating - The report maintains a "Buy" rating for Su Nong Bank with a target price of RMB 6.38 [9][11]. Core Views - Su Nong Bank's 2024 revenue and net profit are expected to grow by 3.0% and 10.5% year-on-year, respectively, indicating a stable performance despite slight declines in growth rates compared to previous quarters [1]. - The bank's asset quality is stable, with a slight decrease in the non-performing loan (NPL) ratio, and a clear development strategy with significant urban expansion potential [1][5]. - The report anticipates a gradual improvement in credit demand driven by a package of policies aimed at economic recovery [2]. Summary by Sections Financial Performance - As of the end of 2024, Su Nong Bank's total assets, loans, and deposits are projected to increase by 5.3%, 5.8%, and 8.0% year-on-year, respectively [2]. - The bank's return on equity (ROE) is expected to slightly decline to 11.30% in 2024, with fluctuations in quarterly profits [4]. Asset Quality - The NPL ratio is projected to be 0.76% at the end of 2024, with a provision coverage ratio of 389%, indicating solid risk mitigation capabilities [3]. - The proportion of special mention loans has increased to 1.23%, reflecting ongoing retail risks [3]. Profitability and Valuation - The report forecasts net profits for 2024, 2025, and 2026 to be RMB 1.926 billion, RMB 2.118 billion, and RMB 2.353 billion, respectively, with year-on-year growth rates of 10.5%, 10.0%, and 11.0% [5]. - The target price corresponds to a price-to-book (PB) ratio of 0.60 for 2025, reflecting the bank's growth potential and strategic clarity [5].

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company achieved a revenue of 4.17 billion yuan in 2024, representing a year-on-year growth of 3.0%, while the net profit attributable to shareholders reached 1.93 billion yuan, up 10.5% year-on-year [5][8] - The non-performing loan (NPL) ratio decreased to 0.90% in Q4 2024, indicating stable asset quality, with a provision coverage ratio of 425% [5][8] - Credit growth was steady, with loans increasing by 5.8% year-on-year, and deposits growing by 8.0% [5][8] Financial Data and Earnings Forecast - The total operating income for 2024 is projected at 4.17 billion yuan, with a year-on-year growth rate of 2.99% for 2025 and 4.70% for 2026 [6][11] - The net profit attributable to shareholders is expected to grow by 10.53% in 2024, 9.61% in 2025, and 10.85% in 2026 [6][11] - The company’s price-to-book (P/B) ratio is currently at 0.51, indicating potential undervaluation [8][13] Performance Comparison - The company’s stock closed at 5.29 yuan, with a market capitalization of 9.707 billion yuan [2][13] - The company’s dividend yield stands at 3.40%, which is competitive within the banking sector [2][13] - Compared to its peers, the company maintains a favorable return on equity (ROE) of 11.44% for 2024 [13]

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company reported a stable overall performance with a 3.0% year-on-year increase in operating income to 4.17 billion yuan and a 10.5% increase in net profit attributable to shareholders to 1.93 billion yuan in 2024 [1][2] - The total assets grew by 5.3% year-on-year to 213.4 billion yuan, with loans increasing by 5.8% to 129.3 billion yuan and deposits rising by 8.0% to 170.2 billion yuan, indicating a strong customer base [1][2] - The company maintained a stable asset quality with a non-performing loan ratio of 0.90% at the end of 2024, a slight decrease from previous periods [2] Summary by Relevant Sections Financial Performance - The company achieved an operating profit of 2.11 billion yuan in 2024, reflecting a 10.8% year-on-year growth, and a total profit of 2.15 billion yuan, up 12.3% year-on-year [2] - The weighted average ROE for 2024 was 11.3%, a decrease of 0.4 percentage points from the previous year [2] Asset Quality - The non-performing loan ratio was 0.90% at the end of 2024, down 0.01 percentage points from both the previous quarter and the beginning of the year [2] - The provision coverage ratio stood at 425%, which decreased by 5 percentage points from the previous quarter and by 28 percentage points from the beginning of the year [2] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 1.93 billion, 2.09 billion, and 2.25 billion yuan respectively, with year-on-year growth rates of 10.5%, 8.7%, and 7.5% [3] - The diluted EPS is projected to be 1.05, 1.14, and 1.23 yuan for the same period [3] Valuation Metrics - The current PE ratio is 5.0, 4.6, and 4.3 for the years 2024, 2025, and 2026 respectively, while the PB ratio is 0.6, 0.5, and 0.5 [3]

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company reported a stable overall performance with a 3.0% year-on-year increase in operating income to 4.17 billion yuan and a 10.5% increase in net profit attributable to shareholders to 1.93 billion yuan in 2024 [1][2] - The total assets grew by 5.3% year-on-year to 213.4 billion yuan, with loans increasing by 5.8% to 129.3 billion yuan and deposits rising by 8.0% to 170.2 billion yuan, indicating a strong customer base [1][2] - The company maintained a stable asset quality with a non-performing loan ratio of 0.90% at the end of 2024, a slight decrease from previous periods [2] Summary by Relevant Sections Financial Performance - Operating income for 2024 was 4.17 billion yuan, up 3.0% year-on-year, while net profit attributable to shareholders reached 1.93 billion yuan, reflecting a 10.5% increase [2][4] - The weighted average ROE for 2024 was 11.3%, a decrease of 0.4 percentage points from the previous year [2] Asset Quality - The non-performing loan ratio at the end of 2024 was 0.90%, down 0.01 percentage points from both the previous quarter and the beginning of the year [2] - The provision coverage ratio stood at 425%, showing a decrease of 5 percentage points from the previous quarter and a 28 percentage point decline from the beginning of the year [2] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 1.93 billion, 2.09 billion, and 2.25 billion yuan respectively, with year-on-year growth rates of 10.5%, 8.7%, and 7.5% [3][4] - The diluted EPS is projected to be 1.05, 1.14, and 1.23 yuan for the years 2024, 2025, and 2026 respectively [3][4]

Financial Performance - Operating income for the year was RMB 4.17 billion, a year-on-year growth of 2.99%[5] - Net profit attributable to shareholders was RMB 1.93 billion, up 10.50% from the previous year[5] - Basic earnings per share increased to RMB 1.07, representing a growth of 10.31%[2] Assets and Liabilities - Total assets reached RMB 213.36 billion, an increase of 5.33% compared to the beginning of the year[5] - Total loans amounted to RMB 129.33 billion, growing by 5.75% year-on-year[5] - Total deposits were RMB 170.25 billion, reflecting an 8.03% increase from the previous year[5] - Shareholders' equity attributable to the parent company reached RMB 17.90 billion, up 13.39%[2] Loan Quality - Non-performing loan ratio stood at 0.90%, a slight decrease from 0.91%[4] - Provision coverage ratio was 425.09%, indicating a decrease of 27.76 percentage points[4] Cautionary Note - The company warns that the preliminary financial data may differ from the final annual report, with expected discrepancies not exceeding 10%[6]