图片来源 | AI制图 近日，江苏银行发布年报，2024年，营收808.15亿元，同比增长8.78%；归母净利润318.43亿元，同比增长 10.76%。增速与城商行前三甲中的其他两家北京银行和宁波银行相比，都是最高的。 从近十年数据看，江苏银行也是上市城商行乃至上市银行中，业绩成长性最强的一家之一。江苏银行的高 成长性，应该说跟两任董事长夏平和葛仁余高度相关。 这二位在三家银行里搭档了十余年。2013年3月，原南京银行行长夏平就任江苏银行董事长，同年8月，南 京银行信息技术部总经理葛仁余也加盟江苏银行，任首席信息官、信息技术部总经理。这是二人的第三次 搭档。早年夏平和葛仁余均任职于建行江苏分行，此后又都到南京银行任高管。夏平执掌江苏银行十年， 将江苏银行一路带成了国内营收与利润首屈一指的城商行。在2023年，60岁的夏平退休，葛仁余从行长位 置上升任董事长。到2025年，1965年10月出生的葛仁余也临近退休，江苏银行业绩依旧出色。 除了营收与利润增长不错，资产扩张和负债均保持了较快的增长，不良率与2023年持平，拨备覆盖率维持 在较高水平。 不过美中不足的是，江苏银行净息差下滑较多，是已披露年报的头部城商 ...

上 市 公 司 2025 年 04 月 28 日 无锡银行 (600908) ——业绩稳健增长，拨备仍处高位 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 25 日 | | --- | --- | | 收盘价（元） | 5.66 | | 一年内最高/最低（元） | 6.66/4.82 | | 市净率 | 0.6 | | 股息率%（分红/股价） | 3.53 | | 流通 A 股市值（百万元） | 11,316 | | 上证指数/深证成指 | 3,295.06/9,917.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 9.87 | | 资产负债率% | 91.09 | | 总股本/流通 A 股(百万) | 2,195/1,999 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-25 05-25 06-25 07-25 08-25 09-25 10-25 11-25 12-25 01-25 02-25 03 ...

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [1] Core Views - Changshu Bank's Q1 2025 revenue reached 3 billion yuan, a year-on-year increase of 10.0%, while net profit attributable to shareholders was 1.1 billion yuan, up 13.8% year-on-year [4][6] - The bank's non-performing loan (NPL) ratio decreased by 1 basis point to 0.76% quarter-on-quarter, and the provision coverage ratio fell by 11 percentage points to 490% [4][9] - The bank's performance remains strong, with revenue and profit growth placing it in the leading tier of the industry despite a slight slowdown in growth rates [6][9] Financial Data and Profit Forecast - Total operating revenue (in million yuan) is projected to grow from 9,870.29 in 2023 to 11,601.01 in 2025E, with a year-on-year growth rate of 12.05% in 2023, 10.53% in 2024, and 6.34% in 2025E [5] - Net profit attributable to shareholders is expected to increase from 3,281.50 million yuan in 2023 to 4,199.74 million yuan in 2025E, with year-on-year growth rates of 19.60% in 2023, 16.20% in 2024, and 10.14% in 2025E [5] - The bank's return on equity (ROE) is projected to be 13.69% in 2023, 14.12% in 2024, and 13.83% in 2025E [5] Key Operational Insights - The bank's non-interest income saw a significant increase of 62% year-on-year in Q1 2025, contributing 9.3 percentage points to revenue growth [6][9] - Interest income grew by 0.9% year-on-year in Q1 2025, supported by asset expansion despite a narrowing interest margin [6][9] - Loan growth was 6.1% year-on-year in Q1 2025, with a focus on optimizing the loan structure and reducing risk exposure [6][11]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The revenue growth rate is impacted by the base effect, while the dividend payout ratio continues to rise [2][9] - The company is expected to experience a slight increase in net profit for the years 2025, 2026, and 2027, with projected growth rates of 0.3%, 1.8%, and 1.6% respectively [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.65X for 2025, 0.62X for 2026, and 0.60X for 2027, indicating potential undervaluation [3] Financial Performance Summary - For 2023, the company reported a revenue of 26,414 million yuan, with a year-on-year growth of 3.1% [4] - The net profit attributable to the parent company for 2023 was 12,142 million yuan, reflecting a year-on-year increase of 10.6% [4] - The earnings per share (EPS) for 2023 was 1.26 yuan, with projected EPS of 0.72 yuan for 2024 [4] - The company’s total assets are projected to grow from 1,392,214 million yuan in 2023 to 1,653,004 million yuan by 2027 [12] Profitability and Valuation Metrics - The report forecasts a decline in net interest income from 20,700 million yuan in 2023 to 19,675 million yuan in 2025 [12] - The average return on equity (ROE) is expected to decrease from 11.34% in 2023 to 9.31% by 2027 [12] - The price-to-earnings (P/E) ratio is projected to decrease from 6.86 in 2023 to 6.54 in 2027, indicating a potential increase in valuation attractiveness [12] Dividend Policy - The dividend payout ratio is expected to increase from 33.1% to 33.9% in 2024, supported by strong core capital adequacy [9]

Investment Rating - The report maintains a "Buy" rating for Chongqing Rural Commercial Bank with a target price of 7.81 CNY per share, corresponding to a 2025 PB valuation of 0.66x, indicating a potential upside of 15% from the current price of 6.79 CNY per share [5][8]. Core Views - The bank's Q1 2025 earnings growth has shown a marginal recovery, with a 1.3% year-on-year increase in revenue and a 6.3% increase in net profit attributable to shareholders, reflecting improved operational performance [2][5]. - Asset quality remains stable, with a non-performing loan (NPL) ratio of 1.17% at the end of Q1 2025, unchanged from the previous quarter, and a provision coverage ratio of 363% [4][5]. Summary by Sections Earnings Growth - In Q1 2025, revenue increased by 1.3% year-on-year, and net profit attributable to shareholders grew by 6.3%, driven by accelerated asset growth and improved net interest margin [2][3]. - Total assets grew by 8.0% year-on-year, with corporate loans seeing a significant increase of 17%, indicating strong credit demand in the Chongqing region [2][3]. Net Interest Margin - The average net interest margin for Q1 2025 was 1.61%, stable compared to 2024, supported by a reduction in funding costs [3][4]. - The asset yield decreased to 3.11%, primarily due to the impact of LPR repricing, while the cost of liabilities fell to 1.62% [3][4]. Asset Quality - The NPL ratio remained stable at 1.17%, with a year-on-year decline in impairment losses of 19.2%, indicating improved credit quality [4][5]. - The provision coverage ratio was maintained at a robust 363%, reflecting adequate provisioning levels [4][5]. Financial Forecast and Valuation - The bank is expected to achieve net profit growth of 6.6%, 7.6%, and 7.7% for the years 2025, 2026, and 2027, respectively, with corresponding book values per share of 11.84 CNY, 12.65 CNY, and 13.54 CNY [5][6].

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company's revenue decline has narrowed, with a year-on-year decrease of 4.1% in Q1 2025, which is an improvement of 3.0 percentage points compared to the end of 2024. The net profit attributable to the parent company increased by 0.3% year-on-year, although the growth rate slowed by 1.9 percentage points compared to 2024 [2][5] - The bank's asset quality indicators have improved, with a non-performing loan ratio of 1.25% at the end of Q1 2025, unchanged from the end of 2024. The provision coverage ratio decreased by 6 percentage points to 174% [4][5] Summary by Relevant Sections Revenue and Profitability - In Q1 2025, the company's revenue decreased by 4.1% year-on-year, with core revenue down by 5.0%, but the decline was less severe than in previous periods. The net profit attributable to the parent company grew by 0.3%, reflecting a slowdown in growth compared to the previous year [2][5] - The total assets of the bank grew by 4.8% year-on-year, with loans and deposits increasing by 5.2% and 3.5%, respectively [2] Interest Margin - The interest margin for Q1 2025 decreased by 13 basis points to 1.37%, primarily due to a larger decline in asset yield compared to the cost of liabilities. The asset yield fell by 25 basis points to 3.31% [3] Risk Indicators - The non-performing loan ratio remained stable at 1.25%, with improvements in the attention and overdue loan ratios. The attention loan ratio was 1.71%, and the overdue loan ratio was 2.01%, both showing slight improvements compared to the end of 2024 [4] Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company is expected to grow by 0.9%, 2.5%, and 4.1% for the years 2025 to 2027, with corresponding book values per share of 8.51, 8.98, and 9.48 yuan. The target price is set at 4.38 yuan per share, indicating a potential upside of 15% from the current price [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 8.86 [8][11]. Core Views - The company demonstrated strong resilience in performance, with a year-on-year increase in net profit and operating income of 13.8% and 10.0% respectively for Q1 2025 [1]. - Non-interest income has significantly supported growth, with a year-on-year increase of 62% in non-interest income for Q1 2025, contributing to a high revenue growth [3]. - The asset quality remains stable, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 490% as of March 2025 [4]. Summary by Sections Financial Performance - For Q1 2025, the annualized ROE and ROA increased by 0.15 percentage points and 0.06 percentage points to 14.89% and 1.23% respectively [1]. - Interest income growth faced pressure, but non-interest income, particularly from investment gains and foreign exchange, showed rapid growth [1][3]. Credit and Interest Margin - As of March 2025, total assets, loans, and deposits grew by 6.7%, 6.1%, and 6.8% respectively, indicating a cautious approach to credit growth [2]. - The net interest margin decreased by 10 basis points to 2.61%, primarily due to pricing pressure on the asset side [2]. Non-Interest Income and Cost Management - Non-interest income accounted for 22.0% of total revenue, up 7.1 percentage points year-on-year, with significant contributions from investment income and foreign exchange [3]. - The cost-to-income ratio improved, decreasing by 5.4 percentage points to 34.7% [3]. Asset Quality and Capital Adequacy - The company maintains a strong asset quality with a non-performing loan generation rate of 1.09% for Q1 2025, indicating potential short-term pressure on small and micro enterprises [4]. - Capital adequacy ratios as of March 2025 were 13.67% for total capital and 10.78% for core Tier 1 capital, reflecting a slight decrease from the end of 2024 [4]. Valuation and Earnings Forecast - The report forecasts net profits for 2025-2027 to be RMB 42 billion, RMB 47 billion, and RMB 53 billion, with year-on-year growth rates of 10.9%, 11.4%, and 11.6% respectively [5]. - The target price corresponds to a price-to-book ratio of 0.85 for 2025, indicating a valuation premium due to the company's resilient business model [5].

25Q1 实现营收/归母净利润分别为15.44/7.72 亿元，yoy+20.47%/+8.41%，qoq+17.09%/+7.8%，加权平均 ROE 为3.15%，同比-0.72pct。 生息资产规模稳步增长，生息资产收益率略有下滑。截至2024 年末，公司应收融资租赁款较23 年末增 长12.1%至1235 亿元；25Q1 继续扩张，较24 年末增长12%至1383 亿元；分板块来看，清洁能源、农业 装备规模高增。 业绩概述：业绩符合预期。江苏金租2024 年实现营收/归母净利润分别为52.78/29.43 亿元， yoy+10.26%/+10.63%，加权平均ROE 为14.72%，同比-1.09pct；24Q4 实现归母净利润7.16 亿元，qoq- 9.62%，yoy+15.63%。 以利息收入/融资租赁资产规模测算，公司平均生息资产收益率24 年/25Q1分别为 6.53%/6.52%，同比分 别-0.23pct/-0.34pct。 调整负债结构以降低负债成本，净利差稳步提升。公司利用当下低利率融资环境，加大短期拆借和长期 借款比例，24 年末公司付息负债中拆入资金/应付债券/长期借款规模占比较上 ...

Core Viewpoint - Changshu Bank reported a strong performance in Q1 2025, with revenue of 3 billion yuan and a net profit of 1.1 billion yuan, indicating year-on-year growth of 10.04% and 13.81% respectively [1][2]. Group 1: Performance - Revenue and net profit growth rates for Q1 2025 were 10.04% and 13.81%, showing a slight decline from the previous year's growth rates by 0.5 percentage points and 2.4 percentage points respectively [2]. - Net interest income increased by 0.91% year-on-year, but the growth rate decreased by 6.6 percentage points compared to the previous year, with a net interest margin of 2.61%, down 10 basis points [2]. - Non-interest income saw significant growth, with net fee and commission income increasing by 495.23% due to a low comparative base from the previous year, and other non-interest income rising by 48.84% [3]. Group 2: Asset Quality - The non-performing loan ratio stood at 0.76%, a decrease of 1 basis point from the previous quarter, while the provision coverage ratio was 489.56%, down 11 percentage points from the end of the previous year [4]. - The credit cost for Q1 2025 was 0.96%, reflecting a year-on-year increase of 5 basis points [4]. Group 3: Assets and Liabilities - As of the end of Q1 2025, total assets and loans were 389 billion yuan and 249.6 billion yuan, respectively, showing year-on-year growth of 6.67% and 6.12% [5]. - Total deposits reached 309 billion yuan, a year-on-year increase of 9.00%, with a net increase of 22.5 billion yuan in the quarter, primarily driven by time deposits [5]. - The proportion of demand deposits increased to 19.17%, up 1.06 percentage points from the beginning of the year, indicating a strategic shift in deposit pricing [5]. Group 4: Investment Outlook - Changshu Bank is viewed as having a rare "growth" attribute, with stable asset quality and a high provision buffer, suggesting continued strong performance in the coming years [5]. - Projected net profits for 2025-2027 are expected to be 4.3 billion, 4.8 billion, and 5.3 billion yuan, reflecting year-on-year growth rates of 12.22%, 11.70%, and 10.17% respectively [5].

First Western Financial (MYFW) Q1 2025 Earnings Call April 25, 2025 12:00 PM ET Company Participants Tony Rossi - Managing DirectorScott Wylie - Chairman, CEO & PresidentJulie Courkamp - COODavid Weber - CFO & TreasurerWill Jones - Associate Vice PresidentWilliam Dezellem - Founder, President & Chief Investment OfficerRoss Haberman - Money Manager Conference Call Participants Matthew Clark - Managing Director & Senior Research Analyst Operator Good day, and thank you for standing by. Welcome to the First We ...