Core Viewpoint - Suzhou Bank reported a revenue of 6.5 billion yuan and a net profit of 3.1 billion yuan for the first half of 2025, showing year-on-year growth of 1.81% and 6.15% respectively, with stable asset quality indicators [1][2][5] Performance Summary - Revenue and net profit growth rates for H1 2025 were 1.81% and 6.15%, with improvements in net interest margin decline and narrowing of other non-interest income decline contributing positively to performance [2] - Net interest income increased by 2.72% year-on-year, with a net interest margin of 1.33%, down 5 basis points from the previous year [2][3] - Non-interest income from fees and commissions grew by 9.0% year-on-year, with significant increases in agency and investment financing services [3] Asset and Liability Summary - Total assets reached 755 billion yuan and total loans amounted to 363.5 billion yuan by the end of Q2 2025, reflecting year-on-year growth of 14.5% and 11.8% respectively [4] - Total deposits were 462.8 billion yuan, up 11.4% year-on-year, with a net increase of 45.8 billion yuan in H1 2025 [4] Asset Quality Summary - The non-performing loan (NPL) ratio stood at 0.83% at the end of Q2 2025, with a coverage ratio of 437.91%, indicating stable asset quality [5][6] - The NPL ratio for corporate loans was 0.51%, while personal loans had an NPL ratio of 1.80%, reflecting some pressure on personal loan quality [5][6] Investment Recommendation - Suzhou Bank is positioned as a high-quality regional city commercial bank with strong asset quality and growth potential, with projected net profit growth rates of 6.86%, 5.36%, and 4.51% for 2025-2027 [7]