苏州银行：盈利维持高增，规模扩张积极

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [2][9][16] Core Views - The company maintains robust profit growth with a revenue increase of 1.1% year-on-year for the first three quarters of 2024, achieving an operating income of 9.29 billion yuan and a net profit attributable to shareholders of 4.18 billion yuan, reflecting an 11.1% year-on-year growth [5][6] - The annualized weighted average ROE stands at 12.9% [5] - The company is actively expanding its scale, with total assets reaching 677.2 billion yuan, a year-on-year growth of 16.1% [7][9] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported an operating income of 9.29 billion yuan, up 1.1% year-on-year, and a net profit of 4.18 billion yuan, up 11.1% year-on-year [5][6] - The annualized net interest margin (NIM) is 1.41%, down 30 basis points year-on-year [7] - Non-interest income grew by 18.5% year-on-year, with investment-related non-interest income increasing by 41.3% [6][9] Asset Quality - The non-performing loan (NPL) ratio remains stable at 0.84%, with a year-to-date NPL generation rate of 0.56% [9][13] - The provision coverage ratio is at 474%, indicating a strong risk mitigation capacity [9][13] Growth Prospects - The company is expected to continue its growth trajectory, with projected net profits of 5.08 billion yuan, 5.63 billion yuan, and 6.26 billion yuan for 2024, 2025, and 2026, respectively, reflecting growth rates of 10.4%, 10.9%, and 11.2% [9][12] - The company is well-positioned to benefit from the favorable regional environment and ongoing reforms aimed at enhancing efficiency [9][12]