江苏银行：利润双位数增长，信贷维持高景气

Investment Rating - The investment rating for Jiangsu Bank (600919) is "Buy" (maintained) [4] Core Views - Jiangsu Bank reported a double-digit profit growth with a robust credit environment [6] - The bank's revenue for the first three quarters of 2024 reached 62.303 billion yuan, a year-on-year increase of 6.18% [6] - The net profit attributable to shareholders for the same period was 28.235 billion yuan, reflecting a year-on-year growth of 10.06% [6] Summary by Sections Financial Performance - For Q1-Q3 2024, Jiangsu Bank's interest income and non-interest income grew by 1.49% and decreased by 11.88% year-on-year, respectively [6] - The bank's net profit growth slightly increased by 0.01 percentage points compared to H1 2024 [6] - The contribution to net profit from interest-earning assets, net interest margin, other non-interest income, cost expenses, and provisions were +18.10%, -16.61%, +5.95%, +0.83%, and +3.14%, respectively [6] Credit and Deposit Growth - As of Q3 2024, the loan balance was 2.09 trillion yuan, a year-on-year increase of 17.02% [6] - The deposit balance reached 2.08 trillion yuan, reflecting a year-on-year growth of 9.08% [6] - The bank's credit structure is favorable, with retail, corporate, and discount loans accounting for 31.69%, 27.60%, and 40.72% of new loans, respectively [6] Asset Quality and Capital Adequacy - As of Q3 2024, the non-performing loan ratio and attention ratio were 0.89% and 1.45%, respectively [6] - The provision coverage ratio was 351.03%, indicating strong risk compensation capability [6] - The core Tier 1 capital adequacy ratio was 9.27%, showing sufficient capital [6] Future Outlook - The bank expects revenue growth of 6.58%, 7.01%, and 8.04% for 2024, 2025, and 2026, respectively, with a three-year CAGR of 7.21% [6] - The net profit is projected to grow by 9.75%, 10.71%, and 11.83% for the same years, with a three-year CAGR of 10.76% [6]