江苏银行：2024年报点评：业绩稳中有升，资产质量稳健-20250419

Investment Rating - The investment rating for the company is upgraded to "Outperform the Market" [5] Core Views - The company achieved a revenue of 80.8 billion yuan in 2024, representing a year-on-year increase of 8.78%, and a net profit of 31.8 billion yuan, up 10.76% year-on-year, with growth rates improving compared to the first three quarters [1] - The net interest margin decline has significantly narrowed, with net interest income growing by 6.3% year-on-year, benefiting from a reduced decline in net interest margin [1] - The company maintains a strong asset quality with a non-performing loan ratio of 0.89% and a provision coverage ratio of 350%, indicating robust risk mitigation capabilities [2] Financial Performance Summary - Revenue and profit growth for 2024: Revenue of 80.8 billion yuan (+8.78% YoY), net profit of 31.8 billion yuan (+10.76% YoY) [1] - Key financial metrics for 2024: Total assets of 3.95 trillion yuan, loan balance of 2.10 trillion yuan, and deposit balance of 2.11 trillion yuan, with respective growth rates of 16.1%, 10.7%, and 12.8% [1] - Earnings per share (EPS) forecast for 2025-2027: 1.93 yuan, 2.19 yuan, and 2.48 yuan, with corresponding net profit growth rates of 11.2%, 13.5%, and 13.2% [3][4] Asset Quality and Risk Management - The company has increased its efforts in handling non-performing loans, with a year-on-year growth of 46% in write-offs, maintaining a stable non-performing loan ratio [2] - The company’s provision coverage ratio remains high at 350%, ensuring strong risk absorption capacity [2] - The overdue loan ratio stands at 1.12%, consistent with previous periods, indicating effective management of loan quality [2]