江苏银行（600919）：规模高增，息差趋稳

Investment Rating - The report maintains a strong buy recommendation for Jiangsu Bank (600919.SH) [5] Core Views - Jiangsu Bank continues to experience rapid growth in scale, with total assets increasing by 27.8% year-on-year as of Q3 2025, making it the fastest expanding bank among A-share listed banks [2][3] - The bank's net interest margin has shown signs of stabilization, with a measured net interest margin of 1.59% in Q3 2025, a slight decrease of 2 basis points from the previous quarter, indicating a narrowing decline [2][3] - Non-interest income growth has rebounded, with net fee income increasing by 20% year-on-year in the first three quarters of 2025, primarily due to a low base from the previous year [2][3] Summary by Sections Performance - For the first three quarters of 2025, Jiangsu Bank reported a year-on-year revenue growth of 7.83%, PPOP growth of 5.91%, and net profit growth of 8.32% [1][14] - The bank's total assets reached approximately 4,469 billion, with total liabilities growing to 4,138 billion, reflecting a robust expansion strategy [14] Non-Interest Income - The growth rate of net fee income has significantly improved, with a year-on-year increase of 20% in the first three quarters of 2025, driven by a low comparative base from the previous year [2][33] Interest Margin and Asset Quality - The net interest margin for Q3 2025 was measured at 1.59%, with a reduction in the decline rate compared to previous quarters, indicating a potential stabilization in interest income [2][3] - The bank's non-performing loan ratio remained stable at 0.84%, with a slight increase in the attention rate to 1.28% [3] Capital and Shareholder Returns - As of Q3 2025, the core Tier 1 capital adequacy ratio improved to 8.61%, reflecting a positive trend in capital management [3] - The bank has maintained a dividend payout ratio of no less than 30%, highlighting its commitment to shareholder returns [3]