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常熟银行(601128)2025年中报点评:量稳价韧 分红提升

Core Viewpoint - The report highlights the steady growth in revenue and net profit for the company, alongside a strong asset quality and strategic expansion into rural banking, indicating a positive outlook for future performance [1][2][3]. Financial Performance - The company achieved operating revenue of 6.062 billion yuan, a year-on-year increase of 10.10% [1] - The net profit attributable to shareholders reached 1.969 billion yuan, up 13.51% year-on-year [1] - The annualized weighted ROE was 13.34%, an increase of 0.06 percentage points year-on-year [1] Asset Quality - The non-performing loan ratio stood at 0.76%, a decrease of 1 basis point from the beginning of the year [1][2] - The provision coverage ratio was 489.53%, down 10.98 percentage points from the start of the year, indicating ample buffer against potential losses [1][2] Loan and Deposit Growth - The loan balance reached 251.471 billion yuan, increasing by 4.40% year-to-date and 0.73% quarter-on-quarter [1] - Customer deposits totaled 310.777 billion yuan, up 8.46% year-to-date and 0.56% quarter-on-quarter, with a loan-to-deposit ratio of 80.92% [1] Interest Margin and Cost Management - The net interest margin was 2.58%, down 13 basis points from the beginning of the year and 21 basis points year-on-year, yet remains among the highest in the industry [2] - The average yield on loans and interest-earning assets was 5.33% and 4.42%, respectively, both down by 30 basis points and 35 basis points year-on-year [2] - The cost of deposits and interest-bearing liabilities decreased to 1.96% and 1.98%, respectively, down 24 basis points and 25 basis points year-on-year, effectively offsetting the decline in asset yields [2] Strategic Expansion - The company is actively pursuing a rural banking acquisition strategy, completing several mergers and planning further consolidations to enhance its presence in county markets [3] - The company announced its first interim dividend of 0.15 yuan per share, with a cash dividend rate of 25.27%, reflecting a commitment to shareholder returns [3] Future Projections - Revenue projections for 2025-2027 are estimated at 11.846 billion, 12.847 billion, and 13.919 billion yuan, with net profits of 4.297 billion, 4.803 billion, and 5.347 billion yuan, respectively [3] - The book value per share (BVPS) is expected to be 9.73, 11.17, and 12.68 yuan for the same period, with corresponding price-to-book (PB) ratios of 0.79, 0.69, and 0.61 [3]