江阴银行：存款活期率明显提升，不良率明显改善

Investment Rating - The investment rating for Jiangyin Bank (002807) is "Buy" (maintained) [4] Core Views - The bank's revenue for the first three quarters of 2024 increased by 1.33% year-on-year, reaching 3.018 billion yuan, while net profit attributable to shareholders rose by 6.79% to 1.128 billion yuan [6] - The bank has shown resilience in net interest margin despite a decrease in interest income, with a net interest margin of 1.74% for Q1-Q3 2024 [6] - The non-performing loan ratio improved significantly to 0.90% by the end of Q3 2024, with a reduction in non-performing loans by 114 million yuan compared to the end of H1 2024 [6] Summary by Sections Financial Performance - Revenue for Q1-Q3 2024 was 3.018 billion yuan, up 1.33% year-on-year [6] - Net profit attributable to shareholders was 1.128 billion yuan, an increase of 6.79% [6] - Interest income decreased by 7.28% year-on-year, but the decline was less severe than in H1 2024 [6] Non-Interest Income - Non-interest income showed weaker performance, with growth rates for fee income and other non-interest income at 26.49% and 29.82% respectively, both declining compared to H1 2024 [6] Asset Quality - The non-performing loan ratio improved to 0.90%, with a non-performing loan balance of 1.09 billion yuan, down from H1 2024 [6] - The provision coverage ratio increased to 452.16%, indicating strong risk mitigation capabilities [6] Future Outlook - Revenue projections for 2024-2026 are 4 billion, 4.2 billion, and 4.4 billion yuan respectively, with expected growth rates of 2.49%, 5.28%, and 6.48% [6] - Net profit forecasts for the same period are 2 billion, 2.2 billion, and 2.4 billion yuan, with growth rates of 8.47%, 9.30%, and 9.22% [6]