Changshu Bank(601128) 新浪财经·2025-04-01 06:28Core Viewpoint - Changshu Bank reported a revenue of 10.909 billion yuan for 2024, a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 3.813 billion yuan, up 16.2% year-on-year [1] Group 1: Financial Performance - The narrowing of interest margin drag contributed positively to performance, with the net interest margin drag on performance at 5.7 percentage points, a reduction of 2.3 percentage points compared to the first three quarters of 2024 [1] - Other non-interest income contributed 2.4 percentage points to performance, primarily due to a 56.0% year-on-year increase in investment income [1] - Cost and expense contribution to performance weakened, with a contribution of only 0.3 percentage points, a decrease of 7.2 percentage points compared to the first three quarters of 2024, mainly due to a 10.8% year-on-year increase in employee expenses to 2.536 billion yuan [1] - Provisioning significantly contributed to performance, with a contribution of 9.1 percentage points, an increase of 10.5 percentage points compared to the first three quarters of 2024, mainly due to a reduction in impairment losses on debt investments [1] Group 2: Loan and Deposit Trends - Retail loan demand showed a marginal decline, with personal operating loans, consumer loans, and credit card balances decreasing by 600 million yuan, 200 million yuan, and 700 million yuan respectively compared to the end of the first half of 2024 [2] - Corporate loan balance reached 89.9 billion yuan at the end of 2024, a year-on-year increase of 16.1%, with notable growth in the construction and leasing services sector and wholesale and retail sector, increasing by 23.5% and 25.7% respectively [2] Group 3: Interest Rate and Cost Management - The net interest margin for 2024 was 2.71%, a decrease of 4 basis points compared to the first three quarters of 2024 [3] - The yield on interest-earning assets was under pressure, with a return of 4.77% in 2024, down 12 basis points from the first half of 2024, and the estimated loan and advance yield for the second half of 2024 was 5.50%, a decrease of 25 basis points [3] - The cost of interest-bearing liabilities was 2.23% in 2024, down 3 basis points from the first half of 2024, with a slight increase in the proportion of time deposits leading to limited improvement in deposit costs [3] Group 4: Future Outlook - The company is expected to achieve a year-on-year growth in net profit attributable to shareholders of 14.2%, 12.0%, and 11.0% for 2025-2027, with corresponding price-to-book ratios of 0.67, 0.59, and 0.53 [4]