24Q3江苏银行业绩点评：资产负债结构有待优化，费类收入有待提升

Investment Rating - The report provides a 2024E P/B of 0.7x and a 2024E P/E of 5.3x for the Bank of Jiangsu, with a TTM dividend yield of 5.2%, compared to industry averages of 0.6x, 5.5x, and 4.7% respectively [1][3]. Core Insights - The Bank of Jiangsu reported a revenue increase of 4.3% YoY in Q3 2024, with profit before provision rising by 11.0% and net profit attributable to the parent increasing by 10.1% [1][2]. - The annualized ROA for the first three quarters of 2024 decreased by 0.04 percentage points to 1.08%, while the annualized ROE fell by 1.75 percentage points to 16.33% [1][2]. - The report highlights a need for optimization in the asset-liability structure, as the yield on interest-bearing assets is estimated to decline more than the cost ratio on the debt side [2][3]. Summary by Sections Revenue and Profitability - For Q1-3 2024, revenue increased by 6.2% YoY, profit before provision grew by 7.1%, and net profit attributable to the parent was up by 10.1% [1][2]. - The net interest income for Q1-3 2024 rose by 1.5% YoY, with a slight increase from 1.8% in H1 2024 to 1.0% in Q3 2024 [2]. Asset Quality - The non-performing loan ratio remained stable at 0.89%, while the attention ratio increased by 5 basis points to 1.45% [2]. - The provision coverage ratio decreased by 6.2 percentage points to 351.0% [2]. Fee Income - Net fee and commission income for Q1-3 2024 decreased by 11.9% YoY [2][3]. - The cost-to-income ratio for Q1-3 2024 was reported at 20.2%, down by 0.7 percentage points YoY [2].