24Q3苏农银行业绩点评：贷款总额环比减少，不良率和关注类环比持平

Investment Rating - The report provides an estimated P/B ratio of 0.5x and an estimated P/E ratio of 4.7x for 2024, with a TTM dividend yield of 3.5% [1][4]. Core Insights - In Q3 2024, the revenue of Suzhou Agricultural Bank decreased by 3.3% year-on-year, while the net profit attributable to shareholders increased by 5.2%. For the first three quarters of 2024, revenue grew by 4.8% year-on-year, and net profit rose by 12.2% [1][4]. - The net interest margin slightly declined by 1 basis point compared to the first half of 2024, with a calculated net interest margin of 1.39% for the first three quarters [2][4]. - The total loan amount decreased quarter-on-quarter, primarily due to corporate loans, while deposits continued to trend towards fixed terms [3][4]. - The non-performing loan (NPL) ratio remained stable at 0.91%, and the attention ratio was 1.19%, indicating a relatively strong asset quality compared to peers [3][4]. - Net fee and commission income for the first three quarters of 2024 decreased by 18.0% year-on-year, with a cost-to-income ratio of 32.84%, reflecting an increase of 0.24 percentage points year-on-year [3][4]. Summary by Sections Revenue and Profitability - Q3 2024 revenue decreased by 3.3% year-on-year, while net profit attributable to shareholders increased by 5.2%. For the first three quarters, revenue grew by 4.8%, and net profit rose by 12.2% [1][4]. Loan and Deposit Trends - Total loans increased by 3.8% compared to the end of 2023, with corporate loans up by 8.4% and personal loans up by 0.2%. However, loans decreased by 39 billion yuan quarter-on-quarter [3][4]. - Deposits increased by 7.8% compared to the end of 2023, with personal deposits up by 14.6% and corporate deposits down by 5.7% [3][4]. Asset Quality - The NPL ratio remained stable at 0.91%, and the attention ratio was 1.19%, with a provision coverage ratio of 429.56%, which decreased by 13.31 percentage points [3][4]. Cost and Efficiency - The cost-to-income ratio for the first three quarters was 32.84%, reflecting an increase of 0.24 percentage points year-on-year, while operating expenses increased by 6.2% [3][4].