苏州银行：2024年半年报点评：资产质量依旧稳健，业绩仍超10%高增

Investment Rating - The report maintains a "Recommendation" rating for Suzhou Bank (002966) with a target price of 8.72 CNY [1]. Core Views - Suzhou Bank's asset quality remains robust, with a net profit growth exceeding 10% year-on-year. The bank reported a total operating income of 6.388 billion CNY for the first half of 2024, reflecting a year-on-year increase of 1.88%, and a net profit attributable to shareholders of 2.953 billion CNY, up 12.1% year-on-year [1][2]. - The bank's net interest margin has slightly declined, with a cumulative net interest margin of 1.48% for the first half of 2024, down 20 basis points from the beginning of the year. The non-performing loan ratio remained stable at 0.84% [1][2]. - The report highlights a slowdown in loan growth, particularly in retail loans, while deposit growth remains strong. The bank's loan growth rate decreased to 14.5% in Q2 2024, with new loans added amounting to 3.24 billion CNY, which is approximately 12 billion CNY less than the previous year [1][2]. - The bank's asset quality is described as excellent, with a provision coverage ratio of 486.8%, despite a slight increase in the attention rate to 0.88% [1][2]. Financial Summary - For 2024E, the total operating income is projected to be 12.037 billion CNY, with a year-on-year growth rate of 1.44%. The net profit attributable to shareholders is expected to reach 5.144 billion CNY, reflecting an 11.80% increase [2][10]. - The bank's price-to-earnings (P/E) ratio is projected to be 5.00 for 2024E, while the price-to-book (P/B) ratio is expected to be 0.60 [2][10]. - The non-performing loan ratio is forecasted to slightly improve to 0.82% in 2024E, with a provision coverage ratio of 482% [2][10].