非息拉动营收回暖，信贷扩张保持积极

Investment Rating - The investment rating for Suzhou Bank is "Strong Buy" (maintained) [1][7][12] Core Views - Non-interest income has slightly improved revenue, and profit growth remains stable. The bank's net profit attributable to shareholders in Q1 2024 increased by 12.3% year-on-year, while the full year 2023 saw a growth of 17.4%. The absolute profit level has declined but still maintains a rapid growth rate [4][7] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.84% as of Q1 2024, unchanged from the end of 2023. The provisioning coverage ratio is high at 492%, indicating strong risk mitigation capabilities [7][10] Summary by Sections Financial Performance - In 2023, the bank achieved operating income of 11.9 billion yuan, with a year-on-year growth of 0.9%. For Q1 2024, operating income was 3.2 billion yuan, reflecting a growth of 2.1% year-on-year. The net profit attributable to shareholders for 2023 was 4.6 billion yuan, with a year-on-year increase of 17.4%, while Q1 2024 net profit was 1.5 billion yuan, up 12.3% year-on-year [3][4][9] Asset Quality - The bank's NPL ratio remained stable at 0.84% as of Q1 2024, with a non-performing loan generation rate of 0.29% at the end of 2023. The overdue rate decreased to 0.72%, indicating a low absolute level of asset quality [7][10] - The provisioning coverage ratio decreased slightly to 492% in Q1 2024, but remains at a high level, ensuring stable risk coverage [7][10] Revenue Composition - Non-interest income contributed significantly to revenue recovery, with a 57.1% year-on-year increase in other non-interest income in Q1 2024. However, net interest income saw a decline of 0.8% year-on-year due to pressure on interest margins [4][7] - The bank's total assets reached 648.2 billion yuan in Q1 2024, a year-on-year growth of 16.8%, with loans growing by 19.8% year-on-year [4][9] Future Outlook - The bank's management anticipates continued support for revenue growth from regional advantages and ongoing reforms. The EPS forecast for 2024-2026 is adjusted to 1.39, 1.54, and 1.71 yuan, respectively, with corresponding profit growth rates of 10.4%, 10.9%, and 11.2% [7][10]