江苏银行（600919）：2024年年报点评：规模扩张强度不减，营收盈利增长韧性高

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank (600919.SH) with a current price of 9.87 CNY [1] Core Views - Jiangsu Bank's revenue and profit growth show resilience, with a reported revenue of 80.8 billion CNY for 2024, representing an 8.8% year-on-year increase, and a net profit of 31.8 billion CNY, up 10.8% year-on-year [3][4] - The bank's return on average equity (ROAE) stands at 13.6%, a decrease of 0.9 percentage points compared to the previous year [3] Summary by Sections Financial Performance - Revenue growth accelerated, with year-on-year increases in revenue, pre-provision profit, and net profit of 8.8%, 7.6%, and 10.8% respectively, showing improvements from the first three quarters of 2024 [4] - Net interest income and non-interest income grew by 6.3% and 14.8% respectively, with non-interest income accounting for 31% of total revenue [4][8] Asset and Liability Management - By the end of 2024, the bank's interest-earning assets and net loans grew by 16.1% and 11% year-on-year, maintaining a high expansion intensity [5] - Deposits increased by 12.8% year-on-year, with a notable rise in demand deposits [6] Credit Quality - The non-performing loan (NPL) ratio remained low at 0.89%, with a coverage ratio of 350.1% [9][10] - The bank's credit loss provisions were robust, with a provision coverage ratio that supports its risk mitigation capabilities [9] Capital Adequacy - The core tier 1 capital ratio was reported at 9.12%, indicating a solid capital buffer for future growth [10] - The bank's dividend payout ratio remained stable at 30%, with a total dividend of 9.55 billion CNY for the year [10] Future Outlook - The bank is expected to benefit from the economic growth in Jiangsu province, focusing on key sectors such as advanced manufacturing and small enterprises [11] - EPS forecasts for 2025-2027 have been adjusted to 1.88, 1.98, and 2.07 CNY respectively, with corresponding price-to-earnings (P/E) ratios of 5.24, 4.97, and 4.77 [11][14]