Changshu Bank(601128) 银河证券·2025-03-31 09:09Investment Rating - The report maintains a "Buy" rating for Changshu Bank (stock code: 601128) [1] Core Views - Changshu Bank demonstrated excellent performance in 2024, with revenue of 10.909 billion yuan (+10.53%) and net profit attributable to shareholders of 3.813 billion yuan (+16.20%). The return on equity (ROE) reached 14.15% (+0.46 percentage points) [4] - The bank's net interest income was 9.142 billion yuan (+7.54%), with a net interest margin (NIM) of 2.71%, showing a slight decline of 15 basis points year-on-year, but the downward pressure is narrowing [4] - Non-interest income grew significantly, reaching 1.767 billion yuan (+29.07%), driven by strong performance in intermediary business and investment income [4] - The asset quality remains strong, with a non-performing loan (NPL) ratio of 0.77% (+0.02 percentage points) and a provision coverage ratio of 500.51%, indicating robust risk mitigation capabilities [4] Summary by Sections Financial Performance - In 2024, the bank's total revenue was 10.909 billion yuan, with a year-on-year growth of 10.53%. The net profit attributable to shareholders was 3.813 billion yuan, reflecting a growth of 16.20% [4][32] - The bank's interest income was 9.142 billion yuan, with a net interest margin of 2.71%, showing a decline of 15 basis points year-on-year [4][33] Loan and Deposit Growth - Total loans increased by 8.28% year-on-year, with corporate loans growing by 16.11% and personal loans by 2.17% [4] - Total deposits grew by 15.57%, with personal time deposits increasing by 19.76%, indicating effective cost optimization [4] Non-Interest Income - Non-interest income reached 1.767 billion yuan, a significant increase of 29.07%, with fees and commissions growing by 158.54% [4][33] Asset Quality - The bank's NPL ratio stood at 0.77%, with a provision coverage ratio of 500.51%, indicating strong asset quality management [4][32] Future Outlook - The bank's strategy focuses on small and micro enterprises, with a strong competitive edge in personal operating loans. The integration of village and town banks is accelerating, suggesting promising growth potential in the future [4]