苏州银行（002966）：2025年半年报点评：净息差企稳，加大异地区域信贷投放

Investment Rating - The investment rating for the company is "Outperform the Market" [5][8]. Core Views - The company has shown a stable net interest margin and increased credit investment outside its primary region. The total assets reached 755 billion yuan, with loans totaling 350.8 billion yuan, reflecting growth of 8.8% and 9.5% respectively compared to the beginning of the year [2][3]. - The net interest income has turned positive with a year-on-year growth of 2.7%, benefiting from an increase in total assets and a narrowing decline in net interest margin [1][3]. - The company maintains a strong asset quality with a non-performing loan ratio of 0.83%, stable compared to the beginning of the year, and a provision coverage ratio of 438% [2][3]. Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 6.504 billion yuan, a year-on-year increase of 1.8%, and a net profit attributable to shareholders of 3.134 billion yuan, up 6.2% year-on-year [1][4]. - The company forecasts net profits of 5.4 billion yuan, 5.96 billion yuan, and 6.59 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 6.9%, 10.0%, and 10.7% [3][6]. - The projected price-to-book ratios for the next three years are 0.78x, 0.72x, and 0.66x, indicating a favorable valuation [3][6].