江阴银行（002807）：息差上，不良下

Investment Rating - The report maintains a strong buy recommendation for Jiangyin Bank (002807.SZ) [6] Core Views - The company's revenue growth has rebounded, with a 2.51% increase in operating income and a 7.88% increase in net profit attributable to shareholders in 2024, driven by scale expansion, reduced provisions, and a decline in minority shareholder losses [2][4] - The non-performing loan (NPL) ratio has decreased to 0.86% as of Q4 2024, down 4 basis points from Q3 2024, indicating improved asset quality [2][4] - The net interest margin remained stable at 1.76%, with slight improvements observed in the fourth quarter of 2024 [3][4] Summary by Sections Performance - In 2024, Jiangyin Bank reported operating income of 3,962 million, a 2.51% year-on-year growth, and a net profit of 2,037 million, reflecting a 7.88% increase [5][14] - The fourth quarter of 2024 saw a net profit growth of 9.25%, benefiting from a narrowing decline in non-interest income and reduced provisions [2][4] Non-Interest Income - Non-interest income increased by 32.27% year-on-year, with an additional 275 million from other non-interest income sources, primarily from debt investment disposals [2][5] Asset Quality - The NPL balance decreased to 1,070 million, down 0.19 million from Q3 2024, and the attention rate improved to 1.22%, a 19 basis point improvement [2][4] - The provision coverage ratio stood at 369.32% as of Q4 2024, down from the previous quarter [4][14] Capital and Shareholders - The bank's core Tier 1 capital adequacy ratio is high, and it has ample free capital flow, indicating strong financial health [4][6] - The report highlights the bank's regional advantages and continuous scale expansion as key factors for potential value investment [4][6]