Bank Of Jiangsu(600919) 中国银河·2024-10-31 08:11Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Insights - The company reported steady growth in operating performance, with a significant rebound in profits due to the reversal of impairment losses. For the first three quarters of 2024, the company achieved operating income and net profit attributable to shareholders of 62.303 billion yuan and 28.235 billion yuan, representing year-on-year growth of 6.18% and 10.06% respectively. The annualized weighted average ROE was 16.33%, a decrease of 1.75 percentage points year-on-year. The performance was primarily driven by high growth in investment business income and the reversal of provisions boosting profits. The credit impairment losses for the first three quarters of 2024 were 12.025 billion yuan, down 1.54% year-on-year [2][3]. Summary by Relevant Sections Operating Performance - The company’s net interest income for the first three quarters of 2024 was 41.693 billion yuan, a year-on-year increase of 1.49%, showing a slight slowdown compared to the first half of the year. The interest income and interest expenses in Q3 decreased by 1.51% and 3.32% year-on-year respectively. As of the end of September 2024, total loans amounted to 2.1 trillion yuan, an increase of 16.22% from the beginning of the year, with corporate loans growing by 18.81% [2][3]. Deposit Growth - Total deposits reached 21.2 trillion yuan by the end of September 2024, up 10.54% from the beginning of the year, with corporate deposits increasing by 22.39% and personal deposits rising by 14.43% [3]. Non-Interest Income - Non-interest income for the first three quarters of 2024 was 20.61 billion yuan, a year-on-year increase of 17.11%. However, intermediary business income fell by 11.88% year-on-year, with a significant decline of 51.81% in Q3 due to increased fees and commissions [3]. Asset Quality - The company maintained stable asset quality, with a non-performing loan ratio of 0.89% as of the end of September 2024, unchanged from the beginning of the year. The coverage ratio was 351.03%, a decrease of 38.5 percentage points year-on-year, but still above the industry average [3]. Financial Forecast - The forecast for 2024-2026 indicates a projected BVPS of 12.73 yuan, 14 yuan, and 15.47 yuan respectively, with corresponding current stock price PB ratios of 0.71X, 0.64X, and 0.58X [3].