苏州银行2024年中报点评：盈利平稳增长，资产质量持续优异

Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [3][6][23] Core Views - Suzhou Bank has shown stable growth in profitability with a continuous excellent asset quality. The bank's revenue for the first half of 2024 reached 6.388 billion yuan, a year-on-year increase of 0.88%, while the net profit attributable to shareholders was 2.953 billion yuan, up 12.10% year-on-year [6][8] - The bank's net interest margin for the first half of 2024 was 1.48%, a decrease of 4 basis points compared to the first quarter of 2024, primarily due to a decline in the yield on interest-earning assets [6][7] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.84% as of the end of Q2 2024, unchanged for four consecutive quarters [8] Summary by Relevant Sections Financial Performance - In Q2 2024, Suzhou Bank's revenue maintained positive growth, with a year-on-year increase of 1.65%. However, net interest income decreased by 5.23% year-on-year due to a continuous decline in the yield on interest-earning assets [6][7] - The bank's total assets reached 659.5 billion yuan, a year-on-year increase of 13.66%, with loan growth marginally slowing to 14.53% [7][8] Profitability and Forecast - The bank's net profit for 2024-2026 is projected to be 5.099 billion, 5.754 billion, and 6.497 billion yuan respectively, with year-on-year growth rates of 10.83%, 12.85%, and 12.91% [6][19] - The current stock price corresponds to a price-to-book ratio of 0.5 for 2024 and 0.4 for 2026, indicating a favorable valuation considering the bank's regional advantages and stable asset quality [6][19] Asset Quality - The bank's non-performing loan ratio remained stable at 0.84%, with a marginal increase in the attention ratio to 0.88%. The coverage ratio for provisions was 486.80%, indicating a solid buffer against potential losses [8][19] - The bank's corporate loan non-performing ratio decreased to 0.64%, while the retail loan non-performing ratio increased to 1.33% [8][19]