24Q3常熟银行业绩点评：净息差仍承压，不良率环比上升

Investment Rating - The report does not explicitly state an investment rating for Changshu Bank, but it provides relevant financial metrics for evaluation [1][5]. Core Insights - Changshu Bank's Q3 2024 revenue increased by 9.9% year-on-year, with pre-provision operating profit up by 12.0% and net profit attributable to shareholders rising by 16.3% [1][5]. - For the first three quarters of 2024, revenue grew by 11.3%, pre-provision operating profit by 18.8%, and net profit by 18.2% [1][5]. - The annualized ROA for Q1-Q3 2024 increased by 0.06 percentage points to 1.23%, while the annualized ROE rose by 0.77 percentage points to 14.96% [1][5]. - The Core Tier 1 Capital Adequacy Ratio improved by 0.66 percentage points to 10.58% [1][5]. - The estimated P/B ratio for 2024 is 0.8x, P/E ratio is 5.7x, and the TTM dividend yield is 3.1%, compared to industry averages of 0.6x, 5.6x, and 4.6% respectively [1][5]. Financial Performance Summary - The net interest margin for Q1-Q3 2024 decreased compared to H1 2024, with a quarterly net interest margin of 2.75% [2][5]. - Net interest income increased by 6.2% year-on-year for Q1-Q3 2024, with Q3 showing a slight increase to 6.3% [2][5]. - The non-performing loan (NPL) ratio rose to 0.77%, with a provision coverage ratio of 528.40% [2][5]. - Net fee and commission income surged by 260.0% year-on-year for Q1-Q3 2024, driven by agency business [2][5]. - The cost-to-income ratio for Q1-Q3 2024 was 35.17%, a decrease of 4.13 percentage points year-on-year [2][5]. Loan and Deposit Growth - Total loans increased by 7.8% compared to the end of 2023, with corporate loans up by 15.2% contributing 68.3% of the loan growth [2][5]. - Total deposits grew by 14.8%, with personal deposits increasing by 16.5% and corporate deposits by 5.8% [2][5]. - The proportion of time deposits decreased, with corporate time deposits down by 1.3 percentage points to 44.3% [2][5].