常熟银行：业绩稳定高增，利润增速保持近20%

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company reported a stable high growth in performance, with operating income of 5.5 billion yuan, a year-on-year increase of 12.0%, and net profit attributable to shareholders of 1.7 billion yuan, a year-on-year increase of 19.6% [2][4]. - The bank's asset quality remains robust, with a non-performing loan ratio of 0.76%, stable compared to the previous quarter [2][4]. - The bank's net interest margin for the first half of 2024 was 2.79%, showing a slight decline of 4 basis points from the previous quarter [2][4]. Financial Performance Summary - Operating income for the first half of 2024 was 5.5 billion yuan, up 12.0% year-on-year [2]. - Net profit attributable to shareholders was 1.7 billion yuan, reflecting a year-on-year growth of 19.6% [2]. - The bank's total assets reached 367.3 billion yuan, an increase of 9.8% from the beginning of the year [4]. - The loan balance was 238.9 billion yuan, up 7.4% year-on-year, with corporate loans increasing by 11.3 billion yuan and personal loans by 4.1 billion yuan [4]. Asset Quality Summary - The non-performing loan ratio was 0.76%, with a focus ratio of 1.36%, which increased by 12 basis points [3][4]. - The bank's provision coverage ratio was 539%, indicating sufficient provisions against potential loan losses [3][4]. - The non-performing loan generation rate was 0.98%, up 0.35 percentage points year-on-year [3]. Cost and Efficiency Summary - The cost-to-income ratio improved significantly, decreasing by 5.8 percentage points to 35.2% due to a 3.9% reduction in management expenses [2][4]. - The bank's deposit cost rate was 2.22%, down 6 basis points, benefiting from a decrease in the cost of personal time deposits [2][4].