无锡银行2023年年报点评：营收增速稳健增长，普惠贷款表现亮眼

Investment Rating - The report maintains a rating of "Accumulate" for Wuxi Bank, indicating a positive outlook for the stock with expected growth relative to the market index [3][11]. Core Insights - Wuxi Bank's 2023 annual report shows a steady growth in revenue, achieving an operating income of 4.538 billion yuan, a year-on-year increase of 1.28%. The net profit attributable to shareholders reached 2.200 billion yuan, up 9.96% year-on-year [1][6]. - The bank's asset quality remains strong, with a non-performing loan ratio of 0.79%, a decrease of 2 basis points from the previous year. The provision coverage ratio stands at 522.57%, indicating a robust risk management framework [1][6]. - The growth in inclusive loans is notable, increasing by 4.759 billion yuan, or 25.15% year-on-year, reflecting the bank's commitment to supporting small and micro enterprises [1][6]. Financial Performance Summary - For 2023, Wuxi Bank reported: - Operating income: 45.38 billion yuan, up 1.28% year-on-year - Net profit: 22.00 billion yuan, up 9.96% year-on-year - Return on equity (ROE): 11.48%, down 1.53 percentage points year-on-year - Non-performing loan ratio: 0.79%, down 2 basis points year-on-year - Provision coverage ratio: 522.57%, down 30.17 percentage points year-on-year [1][6]. - Forecasts for 2024-2026 project operating income to reach 46.39 billion yuan, 48.42 billion yuan, and 50.61 billion yuan, respectively, with net profits of 23.75 billion yuan, 25.21 billion yuan, and 26.95 billion yuan [1][6].