Changshu Bank(601128) 华夏时报·2025-03-29 03:32Core Viewpoint - Changshu Bank reported a strong performance in its 2024 annual report, achieving double-digit growth in both revenue and net profit despite a declining net interest margin, largely driven by a significant increase in investment income, particularly from debt investments, which rose by 843% [1][3][4]. Financial Performance - In 2024, Changshu Bank achieved operating income of 10.909 billion yuan, a year-on-year increase of 10.53% [3]. - The bank's net profit attributable to shareholders reached 3.813 billion yuan, reflecting a year-on-year growth of 16.2% [3]. - Net interest income was reported at 9.142 billion yuan, up 7.54% year-on-year, while non-interest income reached 1.767 billion yuan, increasing by 29.07% [4]. Investment Income - Investment income for the bank was 1.494 billion yuan, marking a 56.03% increase year-on-year, with debt investment income soaring by 843.66% [4]. - The bank's strategy involved proactive market analysis and profit-taking operations to capitalize on current market conditions [4]. Asset Quality - As of the end of 2024, the non-performing loan ratio stood at 0.77%, a slight increase of 0.02 percentage points from the previous year [6]. - The provision coverage ratio was reported at 500.51%, down 37.37 percentage points year-on-year [6]. - The bank's focus on loans categorized as "concerned," "substandard," and "loss" has shown an upward trend, indicating potential future asset quality pressures [6]. Stock Performance and Dividends - Following the release of the annual report, Changshu Bank's stock price fell by 2.93%, closing at 6.96 yuan per share [2]. - The bank's cash dividend ratio has been below 30% for three consecutive years, with the 2024 cash dividend accounting for less than 20% of the net profit attributable to shareholders [7][8]. - The bank has announced plans to enhance its investment value through improved operational efficiency, active cash dividends, and better investor relations management [8].