常熟银行：非息支撑，业绩高增

Investment Rating - The investment rating for the company is "Buy" with a current price of 7.17 CNY and a reasonable value of 10.91 CNY [1]. Core Insights - The company reported a year-on-year revenue growth of 11.3%, PPOP growth of 18.5%, and net profit attributable to shareholders growth of 18.2% for the first three quarters of 2024. However, these figures showed a slight decline compared to the first half of 2024 [2]. - The asset quality remains stable with a non-performing loan (NPL) ratio of 0.77% as of Q3 2024, and a provision coverage ratio of 528.4% [2]. - Non-interest income saw a significant increase of 40.3%, primarily driven by a 92.5% rise in investment income [2]. - The cost-to-income ratio improved to 35.17%, a decrease of 4.13 percentage points year-on-year, attributed to enhanced operational efficiency [2]. - The core Tier 1 capital adequacy ratio increased to 10.58% as of the end of September 2024, reflecting a solid capital position [2]. Summary by Relevant Sections Financial Performance - Revenue, PPOP, and net profit attributable to shareholders grew by 11.3%, 18.5%, and 18.2% respectively year-on-year for the first three quarters of 2024, although these growth rates decreased compared to the first half of 2024 [2][9]. - The NPL ratio was reported at 0.77%, with a provision coverage ratio of 528.4%, indicating strong risk management [2][9]. Non-Interest Income - Other non-interest income increased by 40.3%, with investment income rising by 92.5%, mainly due to realized gains from bond investments [2][9]. Cost Efficiency - The cost-to-income ratio improved to 35.17%, down 4.13 percentage points year-on-year, reflecting better operational efficiency [2][9]. Capital Adequacy - The core Tier 1 capital adequacy ratio rose to 10.58%, indicating a robust capital position [2][9].