常熟银行(601128)：息差显韧性 资产质量保持优异

Core Viewpoint - The bank reported a strong financial performance for 2024, with significant growth in revenue and net profit, indicating resilience in its operations and a solid foundation for future growth [1][2]. Financial Performance - The bank achieved a total operating income of 10.9 billion yuan in 2024, representing a year-on-year increase of 10.5% [1]. - The net profit attributable to shareholders reached 3.81 billion yuan, up 16.2% year-on-year [1][2]. - The annualized return on equity (ROE) stood at 14.15% [1]. Asset and Loan Growth - Total assets at the end of 2024 amounted to 366.6 billion yuan, reflecting a growth of 9.6% from the beginning of the year [1]. - The loan portfolio expanded to 240.9 billion yuan, marking an 8.3% increase year-on-year [1]. - Total deposits reached 286.5 billion yuan, with a year-on-year growth of 15.6% [1]. Profit Distribution - The profit distribution plan for 2024 includes a cash dividend of 2.5 yuan per 10 shares (including tax), translating to a dividend per share of 0.25 yuan, with a payout ratio of 19.77% [1]. Revenue and Income Sources - The bank's net interest income growth improved to 7.5% for the year, up 1.3 percentage points from the first three quarters [2]. - Non-interest income saw a significant increase of 29.1% year-on-year, with bond investment-related non-interest income rising by 25.9% [2]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio remained stable at 0.77% at the end of 2024, with an annualized NPL generation rate of 1.37% [4]. - The coverage ratio for provisions decreased to 501%, while the loan-to-provision ratio slightly declined to 3.86%, indicating a strong risk mitigation capacity [4]. Business Strategy and Outlook - The bank is focused on the "three rural issues and two small businesses" market positioning, emphasizing inclusive finance and differentiated development strategies [5]. - Future earnings per share (EPS) projections for 2025-2027 are adjusted to 1.46, 1.68, and 1.91 yuan, respectively, with expected growth rates of 15.3%, 15.0%, and 13.7% [5].