Core Viewpoint - Suzhou Bank demonstrates steady growth in its mid-term performance, with significant advancements in digital transformation and a strong commitment to serving the real economy [1][5]. Financial Performance - In the first half of 2025, Suzhou Bank achieved an operating income of 6.504 billion yuan, a year-on-year increase of 1.81%, and a net profit of 3.134 billion yuan, up 6.41% year-on-year [1]. - Total assets reached 754.974 billion yuan, growing by 8.83% compared to the end of the previous year, with total deposits at 462.752 billion yuan, an increase of 10.98%, and total loans at 363.497 billion yuan, up 9.04% [1]. - The bank's non-performing loan ratio remained stable at 0.83%, with a provision coverage ratio of 437.91% and a loan-to-deposit ratio of 3.63%, indicating strong risk mitigation capabilities [2]. Income Sources - Net interest income, the primary source of operating income, amounted to 4.263 billion yuan, reflecting a year-on-year increase of 2.72% [2]. - The net interest margin was reported at 1.33%, showing a slight decline of 5 basis points from the end of the previous year [2]. - Non-interest income remained stable at 2.241 billion yuan, with net fee and commission income increasing by 9.00% to 735 million yuan [2]. Capital Adequacy - As of the reporting period, the core Tier 1 capital adequacy ratio stood at 9.87%, with a Tier 1 capital ratio of 11.67% and a total capital ratio of 14.57%, all meeting regulatory requirements [3]. - Shareholder equity reached 61.058 billion yuan, an increase of 10.50% from the end of the previous year [3]. Earnings Per Share - Basic earnings per share for the first half of 2025 were reported at 0.66 yuan, with diluted earnings per share at 0.65 yuan [4]. Focus on Key Areas - Suzhou Bank actively engages in key sectors such as government finance, technology innovation finance, green finance, cross-border finance, and inclusive finance [5]. - The balance of green loans reached 50.364 billion yuan, with a net increase of 9.133 billion yuan, representing a growth of 22.15% [5]. - The total credit amount for technology innovation enterprises exceeded 130 billion yuan, serving over 13,000 clients [5]. Inclusive Finance and Cross-Border Services - The balance of loans for ordinary small and micro enterprises with a single credit limit of 10 million yuan or less was 68.844 billion yuan, reflecting a growth of 13.51 million yuan [6]. - The international settlement volume surpassed 13.6 billion USD, marking a year-on-year increase of 30%, while cross-border RMB settlement exceeded 14.5 billion yuan, up 53% [6]. Digital Transformation and Risk Management - Suzhou Bank is the first city commercial bank in Jiangsu Province to directly connect with the central bank's digital RMB system, integrating financial technology into its strategic operations [7]. - The bank has established a comprehensive risk management system, with key risk indicators such as non-performing loan ratio and provision coverage ratio ranking among the top tier of listed banks [7]. Subsidiary Integration and Group Synergy - The recent approval for the merger of several village banks is expected to enhance operational efficiency and service capabilities in county markets [8]. - The financing lease balance of Suzhou Financial Leasing Co., Ltd. exceeded 42 billion yuan, while the management scale of Su Xin Fund Management Co., Ltd. surpassed 15 billion yuan, indicating a continuous improvement in the group's integrated operational structure [8]. - In the second half of 2025, the bank plans to maintain a customer-centric integrated operation strategy, focusing on dual engines of "technology innovation + cross-border" and "livelihood + wealth" [8].

息差降幅收窄，成本费用改善 2025 年 8 月 29 日│中国内地 区域性银行 证券研究报告 苏州银行 (002966 CH) 目标价(人民币): 10.07 沈娟 研究员 SAC No. S0570514040002 SFC No. BPN843 贺雅亭 研究员 heyating@htsc.com +(86) 10 6321 1166 李润凌* 联系人 SAC No. S0570123090022 lirunling@htsc.com 蒲葭依 联系人 SAC No. S0570123070039 SFC No. BVL774 pujiayi@htsc.com +(86) 755 8249 2388 基本数据 | 目标价 (人民币) | 10.07 | | --- | --- | | 收盘价 (人民币 截至 8 月 28 日) | 8.32 | | 市值 (人民币百万) | 37,196 | | 6 个月平均日成交额 (人民币百万) | 339.50 | | 52 周价格范围 (人民币) | 6.67-9.39 | | BVPS (人民币) | 13.11 | 股价走势图 (8) 3 15 26 37 Au ...

Investment Rating - The report maintains a "Recommendation" rating for Suzhou Bank, with a target price of 9.64 CNY [2][9]. Core Views - Suzhou Bank's revenue has accelerated year-on-year, with a 1H25 revenue of 6.504 billion CNY, up 1.81% YoY, and a net profit attributable to shareholders of 3.134 billion CNY, up 6.15% YoY. The non-performing loan ratio remains stable at 0.83%, while the provision coverage ratio has decreased by 9 percentage points to 438% [2][9]. - The bank is experiencing balanced growth in volume, price, and quality, with a notable increase in net interest income and a reduction in the decline of non-interest income [9]. - The bank's asset quality remains stable, with a strong risk buffer, and it is expected to achieve revenue growth rates of 1.6%, 8.2%, and 9.4% for 2025-2027, respectively [9][10]. Financial Performance Summary - 1H25 net interest income growth accelerated, with a 2Q25 revenue growth rate of +2.88%, up 2.1 percentage points from the previous quarter. The net interest income growth rate for the quarter increased by 6.7 percentage points to 6.2% [9]. - The bank's cost control measures have been effective, with a year-on-year decrease in business and management expenses by 9.4% and a cost-to-income ratio down 3.7 percentage points to 30.5% [9]. - The bank's total assets are projected to grow from 693.714 billion CNY in 2024 to 973.864 billion CNY in 2027, with total loans expected to increase from 333.359 billion CNY to 485.183 billion CNY over the same period [11][14]. Asset Quality and Risk Management - The non-performing loan ratio remains stable at 0.83%, with a decrease in the annualized net non-performing loan generation rate to 0.54%. The bank has increased provisions for non-credit assets, leading to a decrease in the provision coverage ratio [9][12]. - The bank's retail loan non-performing rate has increased, particularly in personal operating loans and mortgage loans, but overall asset quality is considered stable [9][12]. Investment Recommendations - Given the stable asset quality, sufficient provision buffer, and expected revenue growth, the report suggests that Suzhou Bank is well-positioned for future expansion, especially as economic activity rebounds [9][10].

Core Viewpoint - Suzhou Bank reported a continuous growth in revenue and net profit for five consecutive years, indicating a stable financial performance in the first half of 2025 [1][3]. Financial Performance - The total operating revenue for the first half of 2025 was 6.504 billion yuan, an increase of 116 million yuan compared to the same period last year, representing a year-on-year growth of 1.81% [1]. - The net profit attributable to shareholders was 3.134 billion yuan, up by 182 million yuan from the previous year, reflecting a year-on-year increase of 6.15% [1]. - The net cash inflow from operating activities was 16.266 billion yuan [1]. Financial Ratios - The latest debt-to-asset ratio stood at 91.91%, ranking second among disclosed peers, with a decrease of 0.58 percentage points compared to the same period last year [3]. - The return on equity (ROE) was reported at 5.35% [3]. - The diluted earnings per share (EPS) was 0.66 yuan [3]. - The total asset turnover ratio was 0.01 times [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][8]. Core Views - The company has shown a stable net interest margin and increased credit investment outside its primary region. The total assets reached 755 billion yuan, with loans totaling 350.8 billion yuan, reflecting growth of 8.8% and 9.5% respectively compared to the beginning of the year [2][3]. - The net interest income has turned positive with a year-on-year growth of 2.7%, benefiting from an increase in total assets and a narrowing decline in net interest margin [1][3]. - The company maintains a strong asset quality with a non-performing loan ratio of 0.83%, stable compared to the beginning of the year, and a provision coverage ratio of 438% [2][3]. Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 6.504 billion yuan, a year-on-year increase of 1.8%, and a net profit attributable to shareholders of 3.134 billion yuan, up 6.2% year-on-year [1][4]. - The company forecasts net profits of 5.4 billion yuan, 5.96 billion yuan, and 6.59 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 6.9%, 10.0%, and 10.7% [3][6]. - The projected price-to-book ratios for the next three years are 0.78x, 0.72x, and 0.66x, indicating a favorable valuation [3][6].

格隆汇8月28日丨苏州银行(002966.SZ)公布2025年半年度报告，上半年公司实现营业收入65.04亿元，同 比增长1.81%；利润总额38.097亿元，同比增长6.39%；归属于母公司股东的净利润31.34亿元，同比增 长6.15%；归属于母公司股东的扣除非经常性损益的净利润31.00亿元，同比增长6.16%；基本每股收益 0.66元。 ...

北京商报讯（记者 孟凡霞 实习记者 周义力）8月28日晚间，苏州银行发布2025年半年度报告。数据显 示，报告期内，该行实现营业收入65.04亿元，比上年同期增长1.16亿元，增幅1.81%；实现净利润32.39 亿元，比上年同期增长1.95亿元，增幅6.41%；实现归属于母公司股东的净利润31.34亿元，比上年同期 增长1.82亿元，增幅6.15%。 业务规模方面，截至报告期末，苏州银行资产总额7549.74亿元，较上年末增加612.60亿元，增幅 8.83%；各项存款余额4627.52亿元，较上年末增加457.87亿元，增幅10.98%；各项贷款余额3634.97亿 元，较上年末增加301.39亿元，增幅9.04%。 资产质量方面，截至2025年6月末，苏州银行不良贷款率0.83%，拨备覆盖率437.91%，拨贷比3.63%； 核心一级资本充足率9.87%，一级资本充足率11.67%，资本充足率14.57%。 ...

8月28日晚间，苏州银行披露2025年半年度报告显示，两家险资现身该行前十大股东。其中，"中国人寿 保险股份有限公司一传统一普通保险产品—005L—CT001沪"持股比例达到了3.34%，位列该行第三大股 东；"国民养老保险股份有限公司一自有资金"持股比例达到了2.62%，位列第七大股东。 ...

人民财讯8月28日电，苏州银行（002966）发布半年报显示，2025年上半年该行实现营业收入65.04亿 元，同比增长1.81%；实现归属于母公司股东的净利润31.34亿元，同比增长6.15%。截至6月末的资产总 额为7549.74亿元，较上年末增幅8.83%；不良贷款率0.83%，与上年末持平。 ...

每经AI快讯，苏州银行（SZ 002966，收盘价：8.32元）8月28日晚间发布公告称，公司第五届第二十七 次董事会会议于2025年8月27日在苏州工业园区钟园路728号苏州银行大厦现场召开。会议审议了《关于 苏州金融租赁股份有限公司申请授信的议案》等文件。 2024年1至12月份，苏州银行的营业收入构成为：利息收入占比82.4%，非利息收入占比4.67%。 截至发稿，苏州银行市值为372亿元。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ （记者 贾运可） ...