详解苏州银行2024三季报：信贷平稳增长，资产质量稳健

Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [1] Core Views - The report highlights that Suzhou Bank's net interest income growth has slowed due to a decline in net interest margin, with a cumulative year-on-year revenue growth rate decreasing by 0.6 percentage points to 0.6% [4][14] - The bank's asset quality remains stable, with a non-performing loan ratio of 0.84% and a slight increase in the annualized net generation rate of non-performing loans to 0.59% [12][14] - The report suggests that the bank's retail strategy continues to deepen, leveraging its position in Suzhou to enhance its customer base [15] Summary by Sections Overview of Q3 Report - The net interest income growth rate has decreased, primarily due to a decline in net interest margin, with cumulative revenue growth at 0.6% [4] - The bank's management expenses have slightly increased, while the cumulative profit before provisions (PPOP) has decreased by 1.2 percentage points to -1.9% [4] Net Interest Income - In Q3, the net interest margin decreased by 15 basis points, leading to a year-on-year decline in net interest income of 6.51%, which is a 3.4 percentage point increase in the decline compared to Q2 [7][14] Asset and Liability Growth and Structure - The bank's loan issuance in Q3 was stable, primarily focused on corporate loans, with a total loan issuance of 5.17 billion [9][11] - Deposits increased by 2.57 billion in Q3, with a year-on-year increase of 5.92 billion [9][11] Asset Quality - The non-performing loan ratio remains stable at 0.84%, with a slight increase in the annualized net generation rate of non-performing loans to 0.59% [12][14] - The provision coverage ratio has decreased to 473.66% [12][14] Other Financial Metrics - Non-interest income grew by 17% year-on-year, with a significant increase in other non-interest income [14] - The cost-to-income ratio has slightly increased, with a cumulative annualized cost-to-income ratio of 35.33% [14] Investment Recommendations - The report suggests maintaining a "Buy" rating, with adjusted revenue and net profit forecasts for 2024E, 2025E, and 2026E [15]