研报掘金丨东海证券：常熟银行整体资产质量保持稳定，维持“买入”评级

Core Viewpoint - Changshu Bank reported a net profit attributable to shareholders of 1.969 billion yuan, representing a year-on-year increase of 13.51% [1] Financial Performance - As of the end of June, the total asset scale of the company exceeded 400 billion yuan, reaching 401.227 billion yuan, an increase of 9.24% year-on-year [1] - The non-performing loan (NPL) ratio stood at 0.76%, remaining stable quarter-on-quarter [1] - The NPL provision coverage ratio was 489.53%, a slight decrease of 0.03 percentage points quarter-on-quarter [1] - The net interest margin for Q2 was 2.55%, showing a year-on-year decline of 20 basis points, but the decline was narrowed by 2 basis points compared to Q1 [1] Revenue and Asset Quality - Non-interest income in Q2 performed significantly better than expected, driven by investment income and agency business [1] - The company increased efforts in the write-off and recovery of non-performing assets, exceeding expectations [1] - In the context of rising personal loan risks in the banking industry, the company intensified its disposal efforts, maintaining overall asset quality stability [1] Business Strategy - In the face of pressure on interest margins and asset growth in the banking sector, the company actively expanded non-interest business, demonstrating good sustainability in mid-to-high-speed performance [1] - The company maintains a "buy" investment rating [1]