Investment Rating - The investment rating for Suzhou Bank is not explicitly stated in the provided documents, but the analysis indicates a positive outlook based on performance metrics and growth potential. Core Insights - Suzhou Bank reported a revenue of 6.388 billion yuan for the first half of 2024, representing a year-on-year increase of 1.88%, and a net profit attributable to shareholders of 2.953 billion yuan, up 12.10% year-on-year [1] - The bank's total assets reached 659.5 billion yuan, growing by 13.7% year-on-year, with a notable increase in corporate loans by 25.8% [1] - The bank is focusing on key sectors such as government affairs, technology innovation, green finance, and inclusive finance to enhance service quality for the real economy [1] - Non-interest income showed strong growth, contributing to the rapid increase in net profit, with non-interest income reaching 2.24 billion yuan, up 12.5% year-on-year [1] Financial Performance Summary - Total revenue for Suzhou Bank is projected to grow from 11,762.96 million yuan in 2022 to 13,990.12 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 7.51% [2] - The net profit attributable to shareholders is expected to increase from 3,918.44 million yuan in 2022 to 6,342.44 million yuan in 2026, reflecting a growth rate of 11.76% in 2024 [3] - The bank's net interest margin was reported at 1.48%, with a slight decline of 4 basis points compared to the previous quarter [1] - The non-performing loan (NPL) ratio remained stable at 0.84%, indicating strong asset quality management [1] Growth Projections - The bank's net profit growth is forecasted at 11.76% for 2024, followed by 11.48% in 2025 and 10.65% in 2026 [3] - Earnings per share (EPS) is projected to rise from 1.07 yuan in 2022 to 1.73 yuan by 2026, with a corresponding decrease in price-to-earnings (P/E) ratio from 5.32 to 4.05 over the same period [3][12] - The bank's capital adequacy ratios remain robust, with a core tier 1 capital adequacy ratio of 9.43% as of mid-2024 [1]

Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [2] Core Views - Suzhou Bank's performance in the first half of 2024 shows stable growth in revenue and profit, with operating income at 6.4 billion yuan, a year-on-year increase of 1.9%, and net profit attributable to shareholders at 3 billion yuan, up 12.1% year-on-year [2][4] - The bank maintains excellent asset quality, with a non-performing loan (NPL) ratio of 0.84%, remaining stable compared to the previous quarter [2][4] - The bank's net interest margin has decreased to 1.48%, with interest income declining by 3.0% year-on-year [2][4] Financial Performance - Revenue and profit growth rates for the first half of 2024 are 1.9% and 12.1%, respectively, showing stability compared to Q1 [2] - Net interest income decreased by 3.0% year-on-year, while non-interest income from fees and commissions fell by 20% [2][4] - Other non-interest income increased significantly by 36.2%, driven by investment income and fair value changes [2][4] Asset Quality - The bank's asset quality remains robust, with a non-performing loan ratio of 0.84% and a focus on maintaining low levels of non-performing loans across various segments [2][4] - The NPL generation rate for the first half of 2024 is 0.38%, indicating a slight increase compared to the previous year [2][4] Balance Sheet - As of June 2024, total assets reached 659.5 billion yuan, with loans amounting to 325.1 billion yuan, reflecting a slight increase [3][4] - Total deposits reached 415.2 billion yuan, with a year-to-date increase of 51.4 billion yuan, indicating strong deposit growth [4] Investment Recommendation - Suzhou Bank is positioned as a high-quality regional city commercial bank with strong asset quality and profit growth, suggesting a favorable outlook for continued high-quality development [4]

Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [3][6][23] Core Views - Suzhou Bank's revenue and net profit showed stable growth in the first half of 2024, with revenue reaching 6.388 billion yuan (YoY +0.88%) and net profit attributable to shareholders at 2.953 billion yuan (YoY +12.10%) [6][8] - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.84%, unchanged for four consecutive quarters, indicating effective risk management [8][19] - The report anticipates a slight decline in profit forecasts for 2024-2026 due to overall industry challenges, projecting net profits of 5.099 billion yuan, 5.754 billion yuan, and 6.497 billion yuan for the respective years [6][19] Financial Performance Summary - In Q2 2024, Suzhou Bank's revenue maintained a positive growth of 1.65% YoY, although net interest income decreased by 5.23% due to declining yields on interest-earning assets [6][7] - The bank's total assets reached 659.5 billion yuan, with a loan growth rate of 14.53%, reflecting a marginal slowdown [7][19] - Non-interest income for H1 2024 was 2.238 billion yuan, up 12.45% YoY, with Q2 showing a slight increase in fee and commission income [7][19] Asset Quality and Risk Management - The bank's asset quality is highlighted by a stable NPL ratio and a sufficient provision coverage ratio of 486.80%, ensuring a solid buffer against potential losses [8][19] - The report notes a slight increase in the attention rate to 0.88%, but overall risk remains manageable [8][19] Valuation Metrics - Current stock price corresponds to a price-to-book (PB) ratio of 0.5 for 2024 and 0.4 for 2026, indicating potential undervaluation given the bank's regional advantages and stable asset quality [6][19]

Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [3][6][23] Core Views - Suzhou Bank has shown stable growth in profitability with a continuous excellent asset quality. The bank's revenue for the first half of 2024 reached 6.388 billion yuan, a year-on-year increase of 0.88%, while the net profit attributable to shareholders was 2.953 billion yuan, up 12.10% year-on-year [6][8] - The bank's net interest margin for the first half of 2024 was 1.48%, a decrease of 4 basis points compared to the first quarter of 2024, primarily due to a decline in the yield on interest-earning assets [6][7] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.84% as of the end of Q2 2024, unchanged for four consecutive quarters [8] Summary by Relevant Sections Financial Performance - In Q2 2024, Suzhou Bank's revenue maintained positive growth, with a year-on-year increase of 1.65%. However, net interest income decreased by 5.23% year-on-year due to a continuous decline in the yield on interest-earning assets [6][7] - The bank's total assets reached 659.5 billion yuan, a year-on-year increase of 13.66%, with loan growth marginally slowing to 14.53% [7][8] Profitability and Forecast - The bank's net profit for 2024-2026 is projected to be 5.099 billion, 5.754 billion, and 6.497 billion yuan respectively, with year-on-year growth rates of 10.83%, 12.85%, and 12.91% [6][19] - The current stock price corresponds to a price-to-book ratio of 0.5 for 2024 and 0.4 for 2026, indicating a favorable valuation considering the bank's regional advantages and stable asset quality [6][19] Asset Quality - The bank's non-performing loan ratio remained stable at 0.84%, with a marginal increase in the attention ratio to 0.88%. The coverage ratio for provisions was 486.80%, indicating a solid buffer against potential losses [8][19] - The bank's corporate loan non-performing ratio decreased to 0.64%, while the retail loan non-performing ratio increased to 1.33% [8][19]

Investment Rating - The report maintains a "Recommendation" rating for Suzhou Bank (002966) with a target price of 8.72 CNY [1]. Core Views - Suzhou Bank's asset quality remains robust, with a net profit growth exceeding 10% year-on-year. The bank reported a total operating income of 6.388 billion CNY for the first half of 2024, reflecting a year-on-year increase of 1.88%, and a net profit attributable to shareholders of 2.953 billion CNY, up 12.1% year-on-year [1][2]. - The bank's net interest margin has slightly declined, with a cumulative net interest margin of 1.48% for the first half of 2024, down 20 basis points from the beginning of the year. The non-performing loan ratio remained stable at 0.84% [1][2]. - The report highlights a slowdown in loan growth, particularly in retail loans, while deposit growth remains strong. The bank's loan growth rate decreased to 14.5% in Q2 2024, with new loans added amounting to 3.24 billion CNY, which is approximately 12 billion CNY less than the previous year [1][2]. - The bank's asset quality is described as excellent, with a provision coverage ratio of 486.8%, despite a slight increase in the attention rate to 0.88% [1][2]. Financial Summary - For 2024E, the total operating income is projected to be 12.037 billion CNY, with a year-on-year growth rate of 1.44%. The net profit attributable to shareholders is expected to reach 5.144 billion CNY, reflecting an 11.80% increase [2][10]. - The bank's price-to-earnings (P/E) ratio is projected to be 5.00 for 2024E, while the price-to-book (P/B) ratio is expected to be 0.60 [2][10]. - The non-performing loan ratio is forecasted to slightly improve to 0.82% in 2024E, with a provision coverage ratio of 482% [2][10].

Investment Rating - The investment rating for Suzhou Bank is maintained at "Neutral" [4][7]. Core Views - The bank's net profit for the first half of 2024 reached 2.95 billion yuan, a year-on-year increase of 12.1%, indicating a strong growth trajectory despite a slight decline in net interest margin [1]. - Non-interest income has shown significant growth, with other non-interest income increasing by 36% year-on-year, contributing positively to overall revenue growth [1]. - The bank's total assets grew by 13.7% year-on-year to 659.5 billion yuan, with loans and deposits increasing by 14.5% and 14.9% respectively, reflecting balanced growth [1]. Financial Performance Summary - **Revenue and Profit**: In H1 2024, the bank achieved operating income of 6.39 billion yuan, up 1.9% year-on-year, while net profit attributable to shareholders was 2.95 billion yuan, up 12.1% year-on-year [1][5]. - **Earnings Per Share (EPS)**: The diluted EPS for 2024 is projected at 1.38 yuan, with expected growth rates of 10.2%, 9.7%, and 9.5% for 2024, 2025, and 2026 respectively [1][5]. - **Return on Equity (ROE)**: The weighted average ROE for H1 2024 was 13.3%, a slight decrease of 0.4 percentage points year-on-year [1]. Asset Quality and Capital Adequacy - **Asset Quality**: The non-performing loan (NPL) ratio stood at 0.84% at the end of Q2 2024, unchanged from the beginning of the year, indicating strong asset quality [1][5]. - **Provision Coverage Ratio**: The provision coverage ratio was 487% at the end of Q2 2024, despite a decrease of 36 percentage points from the beginning of the year, still reflecting a high level of provisioning [1][5]. - **Capital Adequacy**: The core Tier 1 capital adequacy ratio was 9.43%, remaining stable compared to the beginning of the year [1].

Investment Rating - The report maintains a "Recommended" rating for Suzhou Bank, with a target price corresponding to 0.6 times the 2024 PB based on the closing price on August 30, 2024 [3][4]. Core Views - Suzhou Bank's net profit attributable to shareholders increased by 12.1% year-on-year in the first half of 2024, driven by strong corporate credit demand and effective cost control on liabilities, which helped to narrow the decline in net interest margin [3]. - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.84% and a low NPL generation rate of 0.47% annualized, indicating a solid foundation for sustained profit release [3][4]. Financial Performance Summary - In the first half of 2024, Suzhou Bank achieved revenue of 6.39 billion yuan, a year-on-year increase of 1.9%, and a net profit of 2.95 billion yuan, up 12.1% year-on-year [2]. - The bank's net interest income decreased by 3.0% year-on-year, while other non-interest income rose by 36.2%, becoming a major support for revenue [2]. - The bank's total assets and loan amounts grew by 13.7% and 14.5% year-on-year, respectively, although the growth rate showed a slight decline compared to the previous quarter [2]. Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.39 yuan, 1.52 yuan, and 1.67 yuan, respectively [3][4]. - The report indicates a steady growth in net profit, with projected growth rates of 17.4%, 10.9%, 9.4%, and 9.8% for the years 2023 to 2026 [4][46]. Asset Quality Indicators - The non-performing loan ratio is expected to improve slightly, projected at 0.83% for 2024 and 0.81% for 2025 [47]. - The bank's provision coverage ratio is high at 487%, indicating robust risk mitigation capabilities [2][47]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 6 in 2023 to 4 by 2026, while the price-to-book (P/B) ratio is expected to decline from 0.7 to 0.5 over the same period [4][46].

苏州银行股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 法定 代表人： 行长： 财务部门负责人： 盖章 单位：人民币万元 非经营性资金占用 资金占用 方名称 占用方与上市公 司的关联关系 上市公司核算 的会计科目 2024 年 初占用资 金余额 2024 年半年度 占用累计发生 金额 (不含利 息) 2024 年半 年度占用资 金的利息 (如有) 2024 年半 年度偿还 累计发生 金额 2024 年 6 月末占用 资金余额 占用形成 原因 占用性质 控股股东、实际控制人及其附属企业 无 无 无 无 无 无 无 无 无 非经营性占用 小计 无 无 无 无 无 无 无 无 无 - 前控股股东、实际控制人及其附属企业 无 无 无 无 无 无 无 无 无 非经营性占用 小计 无 无 无 无 无 无 无 无 无 - 其他关联方及其附属企业 无 无 无 无 无 无 无 无 无 非经营性占用 小计 无 无 无 无 无 无 无 无 无 - 总计 无 无 无 无 无 无 无 无 无 - 其它关联资金往来 资金往来 方名称 往来方与上市公 司的关联关系 上市公司核算 的会计科目 2024 年 初往 ...

Financial Performance - Operating income for the first half of 2024 reached RMB 6,387,986 thousand, an increase of 1.88% compared to RMB 6,270,047 thousand in the same period of 2023[12]. - Net profit for the first half of 2024 was RMB 3,043,815 thousand, reflecting an 11.20% increase from RMB 2,737,228 thousand in the first half of 2023[12]. - The net profit attributable to shareholders of the parent company for the first half of 2024 was RMB 2,952,705 thousand, up 12.10% from RMB 2,633,946 thousand in the same period last year[12]. - Basic earnings per share for the first half of 2024 were RMB 0.74, representing a 7.25% increase from RMB 0.69 in the first half of 2023[12]. - The diluted earnings per share for the first half of 2024 were RMB 0.64, up 6.67% from RMB 0.60 in the same period of 2023[12]. - The net profit after deducting non-recurring gains and losses for the first half of 2024 was RMB 2,920,396 thousand, reflecting a 14.62% increase from RMB 2,547,822 thousand in the first half of 2023[12]. - The total income tax expense for the first half of 2024 was 537,162 thousand RMB, representing a 19.98% increase from 447,718 thousand RMB in the previous year[66]. Asset and Liability Management - Total assets as of June 30, 2024, amounted to RMB 659,514,377 thousand, a 9.58% increase from RMB 601,841,456 thousand at the end of 2023[12]. - The net assets attributable to shareholders of the parent company as of June 30, 2024, were RMB 47,256,650 thousand, a 3.91% increase from RMB 45,479,985 thousand at the end of 2023[12]. - The total liabilities of the group reached CNY 610.03 billion, an increase of CNY 55.85 billion or 10.08% compared to the previous year[87]. - The company's total equity reached CNY 49.49 billion, an increase of CNY 1.82 billion or 3.82% year-over-year[94]. Loan and Deposit Growth - The total loans and advances issued as of June 30, 2024, reached CNY 312,487,129, an increase of 11.15% compared to December 31, 2023[19]. - The total deposits absorbed as of June 30, 2024, amounted to CNY 423,989,426, reflecting a growth of 13.84% from December 31, 2023[19]. - The balance of various deposits was RMB 415.230 billion, up RMB 51.410 billion, with a growth rate of 14.13%[32]. - The balance of various loans was RMB 325.116 billion, an increase of RMB 31.715 billion, reflecting a growth rate of 10.81%[32]. Risk Management - The non-performing loan ratio stands at 0.84% as of June 30, 2024, unchanged from December 31, 2023[21]. - The provision coverage ratio stood at 486.80%, with a provision-to-loan ratio of 4.10%, indicating stable asset quality[34]. - The bank emphasizes risk management, focusing on credit risk, market risk, operational risk, and liquidity risk, with a comprehensive risk management framework in place[139]. - The bank's liquidity management strategies include enhancing liability management and optimizing asset structure to ensure liquidity risk remains within a safe range, with all liquidity regulatory indicators meeting requirements[147]. Income and Expense Analysis - Net interest income decreased to RMB 4,149,919 thousand, down RMB 129,928 thousand or 3.04% year-on-year[37]. - Total interest income rose to RMB 10,486,159 thousand, an increase of RMB 505,590 thousand or 5.07% from the previous year[38]. - Total interest expenses increased to RMB 6,336,239 thousand, up RMB 635,517 thousand or 11.15% compared to the same period last year[38]. - The bank's total operating expenses decreased to RMB 2,804,812 thousand, down RMB 278,016 thousand or 9.02% from the previous year[36]. Digital Transformation and Customer Engagement - The number of personal users on the Suzhou Bank App reached 5.78 million, with an annual increase of 221,300 users[168]. - The bank's digital RMB service system included 142,900 personal wallets and 23,200 corporate wallets by the end of the reporting period[168]. - The bank has focused on digital transformation and integrated operations to enhance service quality for the real economy[156]. Corporate Governance and Compliance - The bank has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[180]. - The bank has not engaged in any non-compliant external guarantees during the reporting period[181]. - The bank's compliance risk management focuses on enhancing legal awareness and improving compliance mechanisms, including the development of a digital compliance system[148]. Related Party Transactions - The bank approved a major related party transaction with Suzhou Industrial Park State-owned Capital Investment Operation Holding Co., Ltd. for a credit limit of RMB 158,046 million[187]. - The bank's major related party transactions included a credit amount of RMB 280,000 million with Jiangsu Shagang Group Co., Ltd. and its affiliates[189]. - The bank's related party transactions adhered to the principles of honesty and fairness, with no significant impact on the company's operating results and financial status[186].