苏农银行（603323）公告，2025年第一季度营收为11.32亿元，同比增长3.29%；净利润为4.4亿元，同 比增长6.19%。 ...

Investment Rating - The report assigns a "Buy" rating for Chengdu Bank, indicating a positive outlook for the stock over the next six months [15]. Core Insights - Chengdu Bank reported a total operating income of 22.98 billion yuan in 2024, reflecting a year-on-year growth of 5.89%. The net profit attributable to shareholders reached 12.86 billion yuan, up 10.17% year-on-year [2][3]. - The bank's net interest income grew by 4.57% to 18.46 billion yuan, accounting for 80.33% of total revenue, although this represents a slight decrease in proportion compared to the previous year [3][17]. - The loan portfolio expanded significantly, with total loans amounting to 741.32 billion yuan, a year-on-year increase of 18.72%. Corporate loans grew by 20.25% to 602.62 billion yuan, while personal loans increased by 12.46% to 138.70 billion yuan [3][4]. - Deposits also saw growth, reaching 865.71 billion yuan, up 13.20% year-on-year. Personal deposits grew by 23.79%, now making up 50.64% of total deposits [4]. - The bank's net interest margin was reported at 1.66%, a decrease of 0.15 percentage points year-on-year, but the decline in margin has narrowed compared to previous periods [4][18]. - Asset quality improved, with a non-performing loan ratio of 0.66%, down 0.02 percentage points year-on-year. Corporate loans showed a non-performing rate of 0.63%, while personal loans increased to 0.78% [5][20]. - Capital adequacy ratios improved, with the core Tier 1 capital ratio at 9.06%, up 0.84 percentage points year-on-year [5][22]. Financial Summary - The bank's total assets reached 1.25 trillion yuan, a year-on-year increase of 14.56% [16]. - Forecasted net profits for 2025, 2026, and 2027 are expected to be 14.13 billion yuan, 15.46 billion yuan, and 16.71 billion yuan, respectively, indicating continued growth [5][26].

江苏银行核心营收高增，存贷两旺，息差提升，资产质量改善。 数据概览 2025Q1营收同比增长6.2%，增速较24A放缓2.6pc；归母净利润同比增长8.2%，增速较24A 放缓2.6pc。 2025Q1 末不良率0.86%，较年初下降3bp；2025Q1 末拨备覆盖率344%，较24A 末下降7pc。 核心营收高增 江苏银行25Q1 营收利润同比增速均达到5%+，业绩增速处在上市行靠前水平。 江苏银行较强的营收主要得益于核心营收改善，江苏银行25Q1 利息净收入和中收分别同比增长 21.9%、21.8%，分别较24A 提升16pc、18pc。 展望2025 年，江苏银行营收和利润增速有望维持中高个位数增长，主要考虑： ①Q1 贷款增长较强，为全年营收奠定了良好基础。②江苏银行25Q1 大幅加仓债券投资资产，25Q1 债 券投资同比增长30%，增速较24Q4 提升6pc。判断江苏银行在3 月市场利率短期高点积极把握机会，积 累了投资浮盈。 存贷实现高增 江苏银行25Q1 存贷两旺，25Q1 贷款和存款净增量分别占2024 年全年贷款和存款净增量的83%、 125%，体现了江苏银行较强的资产组织能力，同时贷款靠前 ...

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]

北京银行（601169）公告，2024年营业收入699.17亿元，同比增长4.81%。归属于母公司股东的净利润 258.31亿元，同比增长0.81%。向全体普通股股东派发2024年度末期现金股利42.29亿元，每10股派发现 金股利3.2元。 ...