研报掘金丨国海证券：常熟银行中期分红比例提升，维持“买入”评级

Group 1 - The core viewpoint of the report indicates that Changshu Bank's revenue for the first half of 2025 increased by 10.1% year-on-year, while the net profit attributable to shareholders rose by 13.51% [1] - The net interest margin's decline compared to the same period last year has narrowed, and the corporate banking segment showed strong growth [1] - The company has increased its interim dividend payout ratio and maintains a "buy" rating [1] Group 2 - In the first half of 2025, the focus was on the growth of the corporate banking segment, with new corporate loans concentrated in construction, leasing services, wholesale and retail, and trade financing [1] - The company conducted quarterly visits to explore customer needs, resulting in a 24% year-on-year reduction in loan attrition for the first half of 2025 [1] - As of the end of Q2 2025, the corporate deposit balance was 64.641 billion yuan, reflecting a 17.32% increase from the beginning of the year, with both current and fixed deposits showing significant growth compared to 2024 [1] Group 3 - The quality of individual loans is influenced by operational loans, with the proportion of special mention loans increasing by 8 basis points to 1.57% compared to the end of 2024, and the overdue loan ratio rising by 19 basis points to 1.62% [1] - The company's "light capital" strategy has been effectively implemented, with the risk-weighted asset ratio decreasing by the end of Q2 2025 compared to the end of 2024, while the core Tier 1 capital adequacy ratio remains in double digits [1]