苏州银行（002966）：息差降幅同比收窄，分红比例进一步提升

Investment Rating - The investment rating for Suzhou Bank is "Buy (Maintain)" [5] Core Views - Suzhou Bank reported a revenue of 12.2 billion yuan in 2024, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 5.1 billion yuan, up 10.16% year-on-year. For Q1 2025, the revenue was 3.2 billion yuan, a 0.76% increase year-on-year, with a net profit of 1.6 billion yuan, growing 6.80% year-on-year [1][2] - The bank's non-performing loan (NPL) ratio stood at 0.83% at the end of Q1 2025, unchanged from the end of the previous year, while the provision coverage ratio decreased by 36 percentage points to 447.20% [1][3] Performance Summary - Revenue and Profit Growth: In Q1 2025, the operating income and net profit attributable to shareholders grew by 0.76% and 6.80% year-on-year, respectively. The net interest income decreased by 0.57% year-on-year, but the decline was less severe compared to the previous year [2] - Fee Income: Net fee and commission income increased by 22.48% year-on-year, benefiting from a low base effect from the previous year [2] - Non-Interest Income: Other non-interest income decreased by 7.76% year-on-year, with investment net income rising by 47.11% [2] Asset Quality - NPL and Coverage Ratios: The NPL ratio remained stable at 0.83%, while the provision coverage ratio decreased to 447.20%. The corporate loan NPL ratio improved to 0.51%, primarily due to a significant drop in the real estate sector's NPL ratio [3] - Credit Costs: The credit cost for Q1 2025 was 0.32%, a decrease of 5 basis points year-on-year [3] Asset and Liability Management - Asset Growth: As of Q1 2025, total assets and loans reached 727.2 billion yuan and 362.9 billion yuan, respectively, reflecting year-on-year growth of 12.18% and 12.74% [4] - Deposit Growth: Total deposits at the end of Q1 2025 amounted to 463.0 billion yuan, a year-on-year increase of 12.63% [9] Investment Recommendation - Suzhou Bank is positioned as a high-quality regional city commercial bank with strong asset quality and growth potential. The bank is expected to continue its rapid and high-quality development in the medium to long term, justifying the "Buy" rating [9]