Bank Of Jiangsu(600919) 中国银河·2024-08-19 06:31Investment Rating - The report maintains a "Recommended" rating for Jiangsu Bank, indicating a positive outlook based on its strong performance and growth potential [2]. Core Insights - Jiangsu Bank's operating performance is stable and improving, with H1 2024 revenue and net profit reaching 41.625 billion yuan and 18.731 billion yuan, respectively, representing year-on-year growth of 7.16% and 10.05% [1]. - The bank's net interest income for H1 2024 was 27.656 billion yuan, showing a year-on-year increase of 1.76%, while the net interest margin stood at 1.90% [1]. - The bank's non-interest income reached 13.969 billion yuan, a year-on-year increase of 19.74%, driven by a recovery in intermediary business and high investment returns [1]. Summary by Sections Financial Performance - For H1 2024, Jiangsu Bank achieved operating revenue of 41.625 billion yuan and net profit attributable to shareholders of 18.731 billion yuan, with annualized ROE at 16.42% [1]. - The bank's total loans grew by 8.47% year-to-date, with corporate loans increasing by 17.81% [1]. Business Segments - Corporate loans showed strong growth, particularly in manufacturing, green financing, and inclusive small and micro loans, which increased by 21.23%, 22%, and 13.83%, respectively [1]. - Retail loans experienced a slight decline of 2.76%, with mortgage loans remaining stable and consumer loans being reduced [1]. Asset Quality - As of June 2024, the non-performing loan ratio was 0.89%, unchanged from the beginning of the year, indicating stable asset quality [2]. - The coverage ratio for provisions was 357.2%, reflecting strong risk mitigation capabilities [2]. Future Projections - The report forecasts operating revenue to reach 80.297 billion yuan in 2024, with a growth rate of 8.08% [5]. - Net profit attributable to shareholders is projected to be 31.659 billion yuan in 2024, with a growth rate of 10.12% [5].