24Q3苏州银行业绩点评：净息差压力来自资产负债两端，资产质量稳定

Investment Rating - The report does not explicitly state an investment rating for Suzhou Bank, but it provides relevant financial metrics for evaluation, such as a 2024E P/B of 0.6x and a P/E of 5.6x, which are in line with industry averages [1][4]. Core Insights - Suzhou Bank's Q3 2024 revenue decreased by 0.6% year-on-year, while net profit attributable to shareholders increased by 8.7% year-on-year [1][4]. - The net interest margin (NIM) has faced pressure due to a decline in the yield on interest-earning assets and an increase in the cost of interest-bearing liabilities [2][5]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.84% and a provision coverage ratio of 473.66% [3][5]. Financial Performance Summary - For Q1-Q3 2024, revenue increased by 1.1% year-on-year, pre-provision profit decreased by 1.9%, and net profit attributable to shareholders increased by 11.1% [1][4]. - The annualized ROA for Q1-Q3 2024 decreased by 0.04 percentage points to 0.90%, and the annualized ROE decreased by 0.27 percentage points to 12.85% [1][4]. - The core Tier 1 capital adequacy ratio increased by 0.04 percentage points to 9.41% [1][4]. Loan and Deposit Growth - Total loans increased by 12.6% compared to the end of 2023, with corporate loans contributing significantly to this growth [3][5]. - Total deposits increased by 14.8% compared to the end of 2023, maintaining a growth rate similar to the previous year [3][5]. Income and Expense Analysis - Net interest income for Q1-Q3 2024 decreased by 6.5% year-on-year, with a notable decline of 13.6% in Q3 alone [2][5]. - The cost-to-income ratio for Q1-Q3 2024 was 35.33%, an increase of 1.27 percentage points year-on-year [3][5]. - Net fee and commission income fell by 16.3% year-on-year, although there was a recovery compared to the first half of 2024 [3][5].