Core Viewpoint - Suzhou Bank reported its 2024 annual results and 2025 Q1 results, showing steady growth in revenue and net profit, with improvements in asset quality and a higher dividend payout ratio compared to the previous year [1][6]. Group 1: Performance - In 2024, Suzhou Bank achieved revenue of 12.2 billion yuan, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 5.1 billion yuan, up 10.16% [1]. - For Q1 2025, the bank reported revenue of 3.2 billion yuan, a 0.76% increase year-on-year, and a net profit of 1.6 billion yuan, reflecting a 6.80% growth [1]. - The net interest income decreased by 0.57% year-on-year, but the decline was less severe than in 2024, with a net interest margin of 1.34%, down 4 basis points [2]. Group 2: Asset Quality - As of Q1 2025, the non-performing loan (NPL) ratio stood at 0.83%, unchanged from the end of the previous year, while the provision coverage ratio was 447.20%, down 36% [3][4]. - The NPL ratio for corporate loans was 0.51%, a decrease of 13 basis points, primarily due to a significant drop in the real estate sector's NPL ratio to 0.09%, down 1.55 percentage points [3]. - The bank's credit cost for Q1 2025 was 0.32%, a decrease of 5 basis points year-on-year [4]. Group 3: Asset and Liability - As of Q1 2025, total assets and loans reached 727.2 billion yuan and 362.9 billion yuan, respectively, representing year-on-year growth of 12.18% and 12.74% [5]. - The bank's total deposits amounted to 463.0 billion yuan, a year-on-year increase of 12.63%, with a net increase of 46.0 billion yuan in Q1 2025 [5].

证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 事件：苏州银行披露 2024 年报及 2025 年一季报，2024 年实现营收 122 亿元，同比增长 3.01%，归母净利润 51 亿元，同比增长 10.16%。2025 年一季度实现营收 32 亿元，同比增长 0.76%，归母净利润 16 亿元，同比 增长 6.80%。2025Q1 末不良率、拨备覆盖率分别为 0.83%、447.20%， 较上年末分别持平、下降 36pc。2024 年全年分红比例达 32.50%，较 2023 年（31.08%）进一步提升。 1、业绩表现：息差降幅同比收窄 25Q1 营业收入、归母净利润同比增速分别为 0.76%、6.80%，分别较 24A 下降 2.3pc、下降 3.4pc，其中息差降幅同比收窄、手续费收入增长、业务 成本节约等对业绩形成正向贡献，具体来看： 1）利息净收入：同比下降 0.57%，较 24A 降幅收窄 6.2pc，25Q1 净息差 为 1.34%，较 24A 下降 4bps（24Q1 下降 16bps），息差同比降幅明显收 窄，主要得益于负债端成本持续优化，其中 25 ...

事件：长沙银行披露2024 年报及2025 年一季报，2024 年实现营收259亿元，同比增长4.57%，归母净利 润78 亿元，同比增长4.87%。2025 年一季度实现营收68 亿元，同比增长3.78%，归母净利润22 亿元， 同比增长3.81%。2025Q1 末不良率、拨备覆盖率分别为1.18%、309.82%，较上季度末分别提升1bp、下 降3pc。此外，2024 年公司以每10 股派发现金股利4.20 元，全年分红比例达22.49%（2023 年为 21.39%）。 1、业绩表现：中收表现亮眼 25Q1 营业收入、归母净利润增速分别为3.78%、3.81%，分别较24A 下降0.8pc、下降1.1pc，中收大幅增 长、成本费用节约预计对业绩形成正向贡献，具体来看： A、24Q4 企业贷款不良率（0.69%）较23Q4 下降12bps，主要源于建筑业、批发零售业、租赁和商务服 务业不良率改善。 B、24Q4 个人贷款不良率（1.87%）较23Q4 提升35bps，个人贷款资产质量波动，或主要源于个人经营 性贷款、信用卡等领域的不良生成压力加大，整体与行业趋势保持一致。 2）24A 不良生成率为1.21 ...

Investment Rating - The investment rating for Ningbo Bank is "Buy" and it is maintained [5]. Core Views - Ningbo Bank reported a revenue of 18.5 billion yuan in Q1 2025, representing a year-on-year growth of 5.63%, and a net profit attributable to shareholders of 7.4 billion yuan, also up by 5.76% year-on-year [1][2]. - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 0.76% and a provision coverage ratio of 370.54% as of the end of Q1 2025, indicating stable risk compensation capabilities [3]. - The bank is expected to maintain high growth in both deposits and loans, with projections for revenue and profit growth of 8.36% and 8.19% respectively for 2025 [4]. Performance Summary - Revenue and net profit growth rates for Q1 2025 were 5.63% and 5.76%, respectively, which are slightly lower than the previous year's growth rates [2]. - Net interest income increased by 11.59% year-on-year, although the net interest margin decreased to 1.80%, down by 6 basis points from the previous year [2]. - Fee and commission income decreased by 1.32% year-on-year, while other non-interest income fell by 7.18% [2]. Asset Quality - The NPL generation rate for Q1 2025 was 1.09%, showing a decline of 8 basis points from the previous quarter, continuing a downward trend since Q1 2024 [3]. - The bank's write-off amount for Q1 2025 was 3.05 billion yuan, with recoveries amounting to 670 million yuan [3]. Asset and Liability Management - As of Q1 2025, total assets and loans reached 3.40 trillion yuan and 1.64 trillion yuan, respectively, with year-on-year growth rates of 17.58% and 20.41% [4]. - Total deposits amounted to 2.18 trillion yuan, reflecting a year-on-year increase of 19.92% [4].

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].

可能只是冰山一角。 作者 | beyond 编辑 | 小白 2025年春节假期前最后一个交易日（1月27日），华夏银行（600015.SH）公告了董事长李民吉辞职 的消息。此前，有媒体称李民吉被相关部门带走调查，但未得到华夏银行官方证实。 公告称，李民吉辞职是因为个人原因。在董事会选举产生新任董事长并获得国家金融监督管理总局核 准前，由执行董事、行长瞿纲暂代董事长职责。 （来源：华夏银行公告） 值得注意的是，根据银保监会的相关指导意见，银行保险机构关键岗位员工轮岗期限原则上不得超过 七年，而李民吉自2017年4月起担任华夏银行董事长，任职已超过七年。 此超期履职也被人戏称为"铁打的"董事长。不过，在李民吉掌舵期间，华夏银行的业绩表现乏力，多 项关键指标在上市股份行中排名靠后。 最新财务数据显示，2024年前三季度，华夏银行营业收入711亿元，同比持平；归母净利润185亿元， 同比增长3%。接下来我们就来看看业绩的增长是通过什么方式获得的。 2024年前三季度，生息资产萎缩（同比增速-4.7%）与营收增长停滞（同比增速0.04%）基本吻合。在 此背景下，华夏银行主要通过多确认中间收入与拨备反哺来实现盈利增长。这 ...