无锡银行（600908）：营收利润增速稳步提升

Investment Rating - The investment rating for the company is "Neutral" [6] Core Views - The company's revenue and profit growth rates have steadily improved, with a year-on-year revenue of 3.87% and net profit growth of 3.78% for the first three quarters of 2025. The company also announced its first interim dividend with a payout ratio of 17.50% [1][3] - The company's total assets increased by 9.6% to 277.4 billion yuan by the end of September 2025, driven by a 9.6% increase in loans [2] - The net interest income growth rate has declined, while other non-interest income has increased significantly, with a year-on-year growth of 18.0% [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.765 billion yuan and a net profit of 1.833 billion yuan, with quarterly revenue in Q3 reaching 1.120 billion yuan, a 4.88% increase year-on-year [1] - The annualized weighted ROE for the first three quarters was 14.67%, a decrease of 0.77 percentage points year-on-year [1] Asset Quality - The non-performing loan ratio remained low at 0.78% as of September 2025, with a provision coverage ratio of 427.87%, indicating enhanced risk compensation ability [3] Credit and Capital - By the end of September 2025, the company's core Tier 1 capital adequacy ratio was 11.77%, slightly down by 0.32 percentage points from June [2] - The company expects net profits for 2025-2027 to be 2.4 billion, 2.5 billion, and 2.6 billion yuan respectively, with corresponding year-on-year growth rates of 4.7%, 5.3%, and 5.9% [3][8]