"聚焦主责主业，探索更加契合城市商业银行发展规律的经营 模式，坚持走'想明白的路'。"成都银行董事长王晖在年报致 辞中谈到："我们致力于减少影响价值创造的'内卷'行为，以 专注、创新与勤勉，在周期跌宕中铸就'成行信念'"……这些 或可一窥成都银行绩优的"密码"。 作者：程诚 封图：图片资料室 年报季临近尾声，各家城商行2024年年报陆续出炉。作为中西部规模、业绩领先的城商行，成都 银行(601838.SH) 再次凸显绩优股底色。该行4月28日晚披露的年报显示，至2024年末该行资产总 额突破1.25万亿元，全年营收、净利润均保持较快速度增长。 2024年，商业银行面临净息差收窄趋势，资产质量承压，外部环境变化亦带来多重挑战。在此背 景下，成都银行主动融入战略大局，在服务区域经济发展中发挥自身优势，在延续近年来高质量增 长的同时，不良贷款率九年连降至0.66%，资产质量保持行业优等。 "聚焦主责主业，探索更加契合城市商业银行发展规律的经营模式，坚持走'想明白的路'。"成都银 行董事长王晖在年报致辞中谈到："我们致力于减少影响价值创造的'内卷'行为，以专注、创新与 勤勉，在周期跌宕中铸就'成行信念'"……这些或可 ...

Core Viewpoint - Changshu Bank reported a strong performance in Q1 2025, with revenue and net profit showing double-digit growth, driven by enhanced non-interest income contributions [1][2]. Financial Performance - Q1 2025 revenue reached 30 billion, a 10% year-on-year increase, while net profit attributable to shareholders was 11 billion, up 13.8% year-on-year [1]. - The weighted average return on equity (ROAE) improved to 14.9%, an increase of 0.2 percentage points year-on-year [1]. - The growth rates for revenue, pre-provision profit, and net profit in Q1 2025 were 10%, 12.6%, and 13.8% respectively, with slight variations compared to Q4 2024 [2]. Asset and Loan Growth - The growth rate of interest-earning assets and loans as of the end of Q1 2025 was 8.3% and 6.1% respectively, both showing a decline compared to the end of 2024 [3]. - New loans in Q1 2025 totaled 8.8 billion, a decrease of 4 billion year-on-year, with corporate loans being the primary contributor [3]. - The bank's strategy focuses on small and micro enterprises, with loans of 10 million and below accounting for 71.3% of total loans [3]. Deposit Trends - The growth of interest-bearing liabilities and deposits in Q1 2025 was 8.6% and 9% respectively, both lower than at the end of 2024 [4]. - New deposits in Q1 2025 amounted to 22.5 billion, a decrease of 13.1 billion year-on-year, with a notable increase in the proportion of time deposits [4]. Net Interest Margin (NIM) - The net interest margin for Q1 2025 was 2.61%, narrowing by 10 basis points compared to 2024 [5]. - The yield on interest-earning assets decreased to 4.41%, down 33 basis points year-on-year, while the cost of interest-bearing liabilities fell to 2.03%, down 24 basis points [5]. Non-Interest Income - Non-interest income grew significantly, reaching 6.5 billion in Q1 2025, a 62% increase year-on-year, contributing 22% to total revenue [5][6]. - Investment income was 6.7 billion, up 21% year-on-year, despite some losses in fair value changes [6]. Asset Quality - The non-performing loan (NPL) ratio remained low at 0.76%, with a slight decrease from the end of 2024 [6]. - The bank's provision coverage ratio was 489.6%, indicating strong risk absorption capacity [6]. Capital Adequacy - As of the end of Q1 2025, the core Tier 1, Tier 1, and total capital adequacy ratios were 10.8%, 10.8%, and 13.7% respectively, all showing a decline from the end of 2024 [7]. - The bank has a low conversion ratio for its 6 billion convertible bonds, with the current stock price providing room for potential conversion [7]. Future Outlook - The bank maintains a strong growth outlook, with EPS forecasts for 2025-2027 at 1.41, 1.56, and 1.65 respectively, indicating a favorable valuation compared to peers [8].