A股净息差最高的银行，正在迎来一名最年轻的行长。 日前常熟银行公告，行长包剑、副行长李勇均因工作变动请辞； 同日新任行长人选浮出水面，副行长陆鼎昌将兼任行长与首席合规官。 陆鼎昌现年39岁，成长于常熟银行内部体系，曾从基层信贷员起步，历任普惠金融部、小微金融总部等部门负责人，亦在分支行管理岗有过历练。 一旦完成监管核准，其将刷新A股上市银行中最年轻的行长记录。 前任包剑，也曾是上市银行中最年轻的行长，也曾起步于基层，从柜员一步步行至行长位置，并主导开创小微金融事业，打造出深耕县域市场的"常银微 金"特色模式。 受益于"常银微金"模式，该行近年来业绩亮点颇多： 一是三季度末的净息差继续蝉联A股银行之首，维持在2.57%的高位； 二是业绩成长性较强，营收、净利、净资产收益率的三年年复合增长率在同业中靠前。 展现出强大抗周期能力的同时，该行似乎仍未摆脱对信贷员"人海战术"的依赖： 信风注意到，2024年末该行不仅人力数量远高于规模相近的同业，成本收入比、人均创收、人均创利三项效益数据，均处于同业末游。 狂飙的业绩与脱节的效能，共同构成了常熟银行县域业务的"AB面"。 一方面，是营收贡献率接近8成的利息收入增长2.3 ...

Core Viewpoint - Changshu Bank reported a resilient performance in the first half of 2025, with revenue and net profit growth supported by scale expansion and investment income, despite challenges in loan demand and interest margin compression [1][5]. Financial Performance - In 1H25, Changshu Bank achieved revenue of 6.062 billion yuan, a year-on-year increase of 10.1%, with net profit attributable to shareholders reaching 1.969 billion yuan, up 13.51% year-on-year [1]. - Net interest income increased by 0.7% year-on-year, while non-interest income saw significant growth, particularly from investment gains of 1.201 billion yuan, which rose by 30.9% [1][2]. Loan and Asset Quality - As of the end of 1H25, the loan balance was 251.5 billion yuan, reflecting a year-on-year growth of 5.2%, with corporate loans focusing on key local industries [2]. - The non-performing loan (NPL) ratio remained stable at 0.76%, with improvements in asset quality across major sectors [4][5]. Cost of Liabilities - The net interest margin was 2.58%, a slight decrease of 3 basis points from 1Q25, while the cost of interest-bearing liabilities improved significantly to 1.98%, down 25 basis points from 2024 [3]. - The deposit cost rate decreased to 1.96%, benefiting from lower deposit rates and an increase in the proportion of demand deposits [3]. Future Outlook - The bank's provision coverage ratio stood at 489.53%, maintaining a leading position in the industry, indicating strong risk mitigation capabilities [5]. - The bank is expected to continue its steady performance, with projected net profits of 4.25 billion, 4.77 billion, and 5.39 billion yuan for 2025-2027, reflecting growth rates of 11.5%, 12.1%, and 13.0% respectively [5].