"优等生"总是早交卷。 当大多数农商行还在为业绩所困时， 常熟银行 以4000亿元资产规模从苏州县级市崛起，成为全国农商 行中的"佼佼者"。作为首家披露今年半年报的上市银行，其营收与净利"双位数"增长的表现，在区域性 银行中尤为亮眼。 财报显示，该行实现营业收入60.62亿元，同比增长10.10%；净利润19.69亿元，同比增长13.51%。这一 优异成绩背后，是其独特经营策略的成果：异地业务收入占比达66%，通过"村改支"的"另类"扩张模 式，突破了县域银行发展的天花板。 然而，漂亮业绩的A面背后，也有B面：这种另类扩张路径能否持续，小微贷款不良加速分化，投资收 益暴增撑起6成归母净利润…… 当"常银模式"遭遇复杂经济周期时，那些被亮眼业绩所掩盖的裂缝，细看之下还是不难发现。 值得一提的是，这家银行独创的"企业客户全旅程积分"服务体系，让其活期存款占比逆势提升1个百分 点，在银行业普遍陷入"存款定期化"泥潭的当下，这一成绩足以让不少同业前来取经。 漂亮的业绩A面背后，也有隐忧悄然发酵的B面。 细读半年报数据可以发现，该行个人经营贷不良率呈现出"规模越小、不良越高"的显著特征，其中100 万元以下贷款不良率攀 ...

Core Viewpoint - Jiangsu Changshu Rural Commercial Bank reported a stable performance in the first half of 2025, with total assets reaching 401.23 billion yuan, a 9.45% increase from the beginning of the year, and a net profit of 1.969 billion yuan, up 13.51% year-on-year, demonstrating resilience in a complex economic environment [1][2]. Financial Performance - The bank achieved an operating income of 6.062 billion yuan, a year-on-year increase of 10.10%, with net interest income slightly rising by 0.83% to 4.640 billion yuan despite a declining interest rate environment [2]. - Non-interest income surged by 57.26% to 1.422 billion yuan, becoming a significant driver of revenue growth [2]. - The net interest margin stood at 2.58%, down 13 basis points from the previous year but still above the average for rural commercial banks [2]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio was 0.76%, a decrease of 0.01 percentage points from the beginning of the year, significantly lower than the industry average [7]. - The bank maintained a high provision coverage ratio of 489.53%, indicating strong risk mitigation capabilities [7]. - The bank's risk management framework has been enhanced, implementing a comprehensive "nine-in-one" risk control management scheme [7]. Digital Transformation and Service Strategy - The bank has made significant strides in digital transformation, deploying AI models to improve operational efficiency by 20% across various business scenarios [4][5]. - The bank's focus on inclusive finance is evident, with personal loans accounting for 54.20% of total loans, and a notable 93.99% of loans under 1 million yuan targeting small and micro enterprises [4][5]. Capital and Liquidity Management - The core Tier 1 capital adequacy ratio was 10.73%, and the liquidity ratio improved to 84.20%, reflecting prudent capital and liquidity management practices [8]. - The bank's customer concentration risk remains manageable, with the largest single customer loan ratio at 1.02% [8]. Strategic Outlook - The bank's "light capital" strategy has contributed to a return on equity (ROE) of 13.34%, indicating effective capital utilization [2][8]. - Future growth will depend on balancing scale expansion with asset quality, particularly in the context of increasing competition and macroeconomic uncertainties [8].

Core Viewpoint - The first half performance forecast of Changshu Bank shows a notable increase in revenue and net profit despite a challenging banking environment, indicating resilience in its operations [1][3]. Financial Performance - For the first half of 2025, Changshu Bank reported revenue of 6.062 billion and net profit attributable to shareholders of 1.969 billion, reflecting year-on-year growth rates of 10.1% and 13.55% respectively [1][4]. - The bank's total assets reached 401.251 billion, with total loans at 251.471 billion, marking a 4.4% increase compared to the end of the previous year [4]. - The non-performing loan ratio decreased to 0.76%, down from 0.77% at the beginning of the year, while the provision coverage ratio fell to 489.53% [4][5]. Loan and Deposit Dynamics - The growth in total loans was lower than the growth in deposits, which increased by 4.06 percentage points, potentially impacting the net interest margin [3][4]. - As of the first quarter, the bank's loan distribution was 38.6% for corporate loans and 54.18% for retail loans, with corporate loans growing by 7.3% while retail loans saw a minimal increase of 0.24% [5]. Key Ratios and Indicators - The annualized return on total assets and the weighted average return on equity increased by 0.02 and 0.05 percentage points respectively [3]. - The bank's basic earnings per share rose to 0.59 from 0.52 year-on-year [4]. Strategic Positioning - Changshu Bank has established a strong market position focusing on "three rural issues and two small enterprises," creating a competitive edge through its "Changyin Microfinance Model" [5].