常熟银行：投资收益表现亮眼，负债成本边际改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a strong performance in its investment income and a marginal improvement in liability costs [4] - For the first half of 2024, the company achieved operating income of 5.506 billion yuan, a year-on-year increase of 12.03%, and a net profit attributable to shareholders of 1.734 billion yuan, up 19.58% year-on-year [2][6] Financial Performance Summary - The company's net interest income for H1 2024 was 4.602 billion yuan, reflecting a year-on-year increase of 6.10% [6] - The growth rate of loans was 11.30% year-on-year, with a loan balance of 238.934 billion yuan as of the end of H1 2024 [6] - The net interest margin for H1 2024 was 2.79%, slightly down from the previous quarter [6] - The company’s average deposit interest rate was 2.22%, a decrease of 6 basis points compared to 2023 [6] Profit Forecast and Valuation - The company is expected to achieve operating revenues of 11 billion yuan, 11.9 billion yuan, and 13.3 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11.36%, 8.45%, and 11.83% [6][7] - The net profit attributable to shareholders is projected to be 3.9 billion yuan, 4.4 billion yuan, and 5.1 billion yuan for the same years, with growth rates of 17.83%, 14.01%, and 15.97% respectively [6][7]