Core Viewpoint - Zhangjiagang Bank reported a revenue of 4.71 billion with a year-on-year growth of 3.8% and a net profit attributable to shareholders of 1.88 billion, reflecting a year-on-year increase of 5.1% [1] Financial Performance - Revenue growth is stable, with a year-on-year increase of 3.8% and net profit growth of 5.1%, showing resilience in performance [2] - The weighted average return on equity (ROAE) is 11.05%, down 0.6 percentage points year-on-year [1] - Net interest income and non-interest income growth rates are -12.6% and 96.8%, respectively, indicating a significant recovery in non-interest income [2] Loan and Asset Growth - The growth rate of interest-earning assets and loans is 4% and 8%, respectively, showing a slight slowdown compared to the previous quarter [3] - New loans for the year totaled 10.2 billion, with a decrease in financial investments and interbank assets [3] - The bank's focus on corporate and retail loans remains strong, with corporate loans accounting for 53.2% of total loans [3] Deposit Trends - Deposit growth has slowed, with a year-on-year increase of 6.4% in total deposits [5] - The proportion of time deposits continues to rise, reaching 79.4% by year-end [5] - New deposits for the year totaled 10.1 billion, reflecting a decrease compared to the previous year [5] Interest Margin and Non-Interest Income - The net interest margin (NIM) for the year is 1.62%, showing a "L"-shaped trend with a decrease of 37 basis points year-on-year [6] - Non-interest income reached 1.33 billion, a year-on-year increase of 97%, driven by bond trading [7][8] Asset Quality and Risk Management - The non-performing loan (NPL) ratio stands at 0.94%, indicating strong risk management capabilities [9] - The bank's provision coverage ratio is 376%, maintaining a high level of risk buffer [9] Capital Adequacy - The core tier 1 capital ratio is 11.1%, reflecting an increase due to the conversion of convertible bonds [10] - The bank's risk-weighted assets (RWA) growth rate is 6.7%, showing a slowdown in asset expansion [10] Strategic Focus - The bank is focusing on the local market, particularly in personal business loans, and is expanding its presence in Suzhou, Wuxi, and Nantong [11] - The strategy aims to enhance loan growth and improve asset pricing [11]

随着贷款总额增加，工行、建行、农行、中行、交行和邮储银行六家 大型商业银行 （以下统称 "六大行"）近五年不良贷款 余额也持续上升 。 2024 年末工商银行不良贷款余额达到了 3794.58 亿元 ，建设银行和农业银行不良贷款余额也超过 3000 亿元 ，中国银行达到 2687.81 亿元 ，交通银行超过 1000 亿元 ，邮储银行也达到了 803.19 亿元 。 由于分母扩大， 六大行整体不良贷款率维持稳定 。除邮储银行外，其他 五家大型商业银行近五年 不良贷款率持续下降 ，与 2020 年末相比，五家大型商业银行 2024 年末不良贷款率均大幅下降（ 下降 幅度超过 20 个 BP ）。邮储银行 2024 年末不良贷款率比 2020 年末增加了 2 个 BP ，但近五年均控制 在 0.9% 以下， 整体不良贷款率在六大行中始终保持最优 。 | 银行名称 | 2020年末 | 2021 年末 | 2022年末 | 2023年末 | 2024 年末 | | --- | --- | --- | --- | --- | --- | | 工商银行 | 1.58% | 1.42% | 1. 38% | 1.36% ...

Investment Rating - The investment rating for Postal Savings Bank is "Buy" and is maintained [9]. Core Views - The bank's 2024 total revenue increased by 1.8% year-on-year, with a net profit attributable to shareholders rising by 0.2%. Interest income grew by 1.5%, while non-interest income saw a 3.2% increase. Investment income helped mitigate the decline in middle-income revenue [2][6]. - The bank's loan growth was 9.4% for the year, with retail products showing positive growth despite weak demand. Deposits increased by 9.5% [2][6]. - The net interest margin for the year was 1.87%, down 14 basis points year-on-year, while the deposit cost rate decreased by 9 basis points to 1.44%, expected to remain the lowest in the industry [2][6]. - The year-end non-performing loan ratio rose by 4 basis points to 0.90%, with a provision coverage ratio decreasing by 16 percentage points to 286% [2][6]. - The bank announced an active adjustment plan for savings agency fees, which is expected to effectively release future profits, estimating a reduction of 4.7% in pre-tax profit for 2025 due to a decrease in agency fee expenses by 4.5 billion yuan [2][6]. Summary by Sections Financial Performance - In 2024, the bank's total revenue was 348.8 billion yuan, with a net profit of 86.5 billion yuan. Interest income was 286.1 billion yuan, and non-interest income was 25.3 billion yuan [27]. - The bank's total loans grew to 8.7 trillion yuan, with retail loans showing a growth rate of 9.4% [27]. Asset Quality - The non-performing loan ratio at year-end was 0.90%, with a new generation rate of 0.84% for the year. The provision coverage ratio was 286% [2][6]. - The bank's asset quality indicators remained strong despite some fluctuations in retail risk pressures [2][6]. Fee Adjustment Impact - The active adjustment of savings agency fees is projected to save 11.5 billion yuan in 2024 and 4.5 billion yuan in 2025, enhancing pre-tax profit by 4.7% [21][22]. - The comprehensive savings agency fee rate is expected to decrease from 1.15% to 1.04% following the adjustments [21][22]. Investment Outlook - The bank is expected to maintain a stable dividend payout ratio of 30% for 2024, with a projected dividend yield of 5.0% for A-shares and 5.7% for H-shares [2][6]. - The current price-to-book (PB) ratio is estimated at 0.58x for A-shares and 0.51x for H-shares, indicating a low valuation with high dividend yield advantages [2][6].