江苏银行：业绩增长稳定，零售信贷回暖

Investment Rating - The investment rating for the company is "Accumulate" [3]. Core Views - The company has shown stable performance with a significant growth in total assets and loans, indicating a strong momentum in business expansion. The total assets grew by 15.6% year-on-year, while loans increased by 17.0% [3]. - Retail lending has rebounded, with an increase of 12.813 billion yuan in the third quarter alone. The company maintains a high loan growth rate of 28.8% [3]. - The net profit for the first three quarters increased by 10.1% year-on-year, although the growth rate has slightly declined compared to the mid-year figures. The net interest income growth has decreased to 1.5% [3]. - The asset quality remains stable, with a non-performing loan ratio of 0.89% and a capital adequacy ratio of 13.19%, indicating a solid risk absorption capacity [3]. Financial Performance Summary - For 2023, the company is projected to achieve an operating income of 74.293 billion yuan, with a growth rate of 5.3%. The net profit is expected to reach 28.750 billion yuan, reflecting a growth rate of 13.3% [4][6]. - The earnings per share (EPS) for 2024 is estimated at 1.79 yuan, with a price-to-book (PB) ratio of 0.60 [4][6]. - The company anticipates a gradual increase in net profit growth rates for the years 2024 to 2026, with projections of 10.0%, 6.1%, and 7.5% respectively [3][4]. Asset Quality and Capital Adequacy - The company maintains a stable asset quality with a non-performing loan coverage ratio of 351.03% and a slight increase in the capital adequacy ratio [3]. - The focus on managing liabilities has led to a decrease in funding costs, which is expected to alleviate pressure on net interest margins in the future [3]. Market Performance - Over the past twelve months, the company has outperformed the market, with a relative return of 29.92% compared to the CSI 300 index [3].