江苏银行：盈利增长稳健，成本管控力度加大

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][14] Core Views - The company has shown steady profit growth with a focus on cost control, achieving a 10.1% year-on-year increase in net profit for the first three quarters of 2024 [4][6] - Revenue growth has slightly slowed, with a 6.18% year-on-year increase in operating income, impacted by a decline in fee income [4][5] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.89% and a provision coverage ratio of 351% [6][11] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported operating income of 623 billion yuan, a 6.18% increase year-on-year, and a net profit attributable to shareholders of 282 billion yuan, up 10.1% [3][4] - The annualized return on equity (ROE) stands at 16.3% [3] - The total assets of the group reached 3.86 trillion yuan, reflecting a 15.6% year-on-year growth [3][5] Revenue and Cost Management - The revenue growth rate has decreased by 0.98 percentage points compared to the first half of 2024, primarily due to a decline in fee income, which fell by 11.9% year-on-year [4][5] - The net interest income increased by 1.5% year-on-year, with a net interest margin (NIM) of 1.49%, down 6 basis points from the previous quarter [5][8] Asset Quality - The NPL ratio remained stable at 0.89%, while the attention rate increased to 1.45%, indicating some retail risk disturbances [6][11] - The provision coverage ratio decreased slightly but remains high at 351%, ensuring strong risk mitigation capabilities [6][11] Future Outlook - The company is expected to maintain a positive growth trajectory, with projected earnings per share (EPS) of 1.73, 1.92, and 2.15 yuan for 2024 to 2026, respectively, reflecting growth rates of 10.6%, 11.1%, and 11.6% [7][10] - The current stock price corresponds to a price-to-book (P/B) ratio of 0.72x for 2024, indicating potential for value appreciation [7][10]