Core Viewpoint - Jiangsu Bank has demonstrated strong asset growth and improved asset quality in the first half of the year, but its revenue growth remains modest, indicating a "wide planting, thin harvest" situation [2][5][6]. Asset Growth - As of June 30, Jiangsu Bank's total assets reached 4.79 trillion yuan, a year-on-year increase of 21.16%, with a growth rate exceeding 26% [3]. - The bank's non-loan assets have significantly contributed to its asset expansion, with increases in derivative and financial investments, cash, and interbank assets of 23.1%, 37.8%, and 41.95% respectively [3]. - The bank's corporate loans grew by 23.30% year-on-year, with infrastructure loans up by 31% and manufacturing loans by 18.90% [4]. Revenue and Profitability - Jiangsu Bank reported operating income of 448.64 billion yuan, a year-on-year growth of 7.78%, and a net profit of 202.38 billion yuan, up 8.05% [6]. - Interest income increased significantly, with net interest income rising by 19.10% to 329.39 billion yuan, but the growth in loan interest income was only 0.55% [6][7]. - The bank's net interest margin decreased to 1.78%, down 12 basis points year-on-year, primarily due to a decline in asset yield [6][7]. Asset Quality - The non-performing loan (NPL) ratio fell to 0.84%, the lowest since the bank's listing, with a decrease in the proportion of special mention loans to 1.24% [8]. - The bank's NPL generation and write-off rates have decreased, with NPL net increase and write-off amounts at 116 billion yuan and 99 billion yuan respectively [8][9]. - The bank's provision coverage ratio stands at 331.02%, indicating strong risk mitigation capacity [8]. Capital Adequacy - Jiangsu Bank's capital adequacy ratios have declined, with total capital adequacy at 12.36%, down from 12.99% at the end of the previous year [9]. - To address capital pressure, the bank issued two perpetual bonds totaling 300 billion yuan in the first half of the year [10].