Bank Of Jiangsu(600919) 新浪财经·2025-04-30 12:26Performance Summary - Jiangsu Bank reported a revenue growth of 6.2% year-on-year for Q1 2025, compared to an annual growth of 8.7% in 2024, while net profit increased by 8.2% year-on-year, against a 10.8% annual growth in 2024 [1] - The bank maintained a high growth in operating performance, with both revenue and profit growing over 5%. The credit growth remained robust, supported by liabilities that bolstered net interest margin resilience, leading to a 21.9% year-on-year increase in net interest income for Q1 2025 [1] - Net interest income also saw a quarter-on-quarter increase of 16.3%, with an annualized net interest margin rising by 13 basis points to 1.8% [1] Asset Quality - The bank's asset quality indicators showed improvement, with a non-performing loan (NPL) ratio of 0.86%, down 3 basis points quarter-on-quarter and 5 basis points year-on-year [3] - The non-performing loan generation rate decreased to 1.03%, down 34 basis points year-on-year and 38 basis points quarter-on-quarter, while the ratio of loans under special attention fell to 1.33% [3] - The overdue loan ratio also improved, decreasing by 1 basis point to 1.11% [3] Loan Growth - In Q1 2025, the bank experienced strong growth in both corporate and retail loans, with total interest-earning assets increasing by 20.6% year-on-year [2] - Corporate loans grew by 25.9% year-on-year, while retail loans saw a 10.0% increase [2] - The bank's interest-bearing liabilities rose by 22.0% year-on-year, with deposits increasing by 16.0% [2] Fee Income - Non-interest income showed a decline of 23.0% year-on-year, primarily due to other non-interest income dragging down overall performance [2] - However, net fee income increased by 21.8% year-on-year, indicating a strong performance in fee-generating activities [2] Investment Outlook - Jiangsu Bank's core competitive advantages include its small and micro business focus, strong corporate business in manufacturing and infrastructure, and retail business scale advantages [4] - The bank's projected price-to-book ratios for 2025, 2026, and 2027 are 0.75X, 0.68X, and 0.61X respectively, with price-to-earnings ratios of 5.55X, 5.21X, and 4.94X [4] - The bank's strong net interest margin trends, quality asset performance, and capital replenishment are expected to support sustained performance [4]