苏州银行(002966)详解2025中报：规模稳健高增、息差环比企稳

Core Viewpoint - Suzhou Bank reported a revenue of 6.41 billion yuan in 1H25, with a year-on-year growth of 1.5%, and a net profit attributable to shareholders of 3.13 billion yuan, reflecting a 6.1% increase year-on-year [1] Revenue Summary - In 1H25, Suzhou Bank achieved a net interest income of 4.26 billion yuan, up 2.8% year-on-year, reversing from a decline in 1Q25 [1] - The bank's fee and commission income reached 740 million yuan, marking an 8.8% increase year-on-year [1] - Investment income grew to 1.3 billion yuan, although the growth rate slowed to 10.1% due to a high base from the previous year [1] Profit Summary - The net profit attributable to shareholders increased by 6.1% year-on-year in 1H25, with contributions from scale, interest margin, and other non-interest income rising quarter-on-quarter [1] - The annualized net interest margin for 1H25 was 1.38%, down 2 basis points from the previous quarter [1] - The bank's annualized yield on interest-earning assets was 3.32%, a decrease of 0.12 percentage points quarter-on-quarter [1] Loan and Deposit Summary - As of 1H25, Suzhou Bank's loan balance reached 363.5 billion yuan, a 9.0% increase from the beginning of the year, with corporate loans growing by 19.5% while personal loans declined by 2.5% [2] - The bank's deposit balance was 462.75 billion yuan, up 11.0% year-on-year, with both corporate and personal deposits showing growth [3] - The non-performing loan ratio remained stable at 0.83%, with a decrease in the annualized net generation rate of non-performing loans to 0.72% [3] Earnings Forecast - The earnings forecasts for Suzhou Bank have been adjusted to 5.37 billion yuan for 2025, 5.59 billion yuan for 2026, and a new estimate of 6.03 billion yuan for 2027 [4] - The projected price-to-book ratios for 2025, 2026, and 2027 are 0.70X, 0.65X, and 0.54X respectively [4] - Expected revenue growth rates for 2025 to 2027 are 2.3%, 2.8%, and 2.8%, with net profit growth rates of 5.9%, 4.2%, and 7.9% respectively [4]