Changshu Bank(601128) 华尔街见闻·2025-04-14 13:35Core Viewpoint - Changshu Bank reported a first-quarter revenue of 2.971 billion yuan and a net profit attributable to shareholders of 1.084 billion yuan, with growth rates of 10.04% and 13.87% respectively, despite a challenging banking environment [1][2]. Financial Performance - In the first quarter, Changshu Bank maintained double-digit growth in both revenue and net profit, which is unusual given the current weak credit demand and pressure on intermediary income in the banking sector [2]. - The bank's non-performing loan (NPL) ratio is expected to be 0.76%, a decrease of 0.01 percentage points from the beginning of the year, while the provision coverage ratio is 489.56%, down 10.95 percentage points from the start of the year [1]. Historical Performance - From 2017 to 2023, Changshu Bank's revenue and net profit have shown a consistent upward trend, with revenue increasing from 1.146 billion yuan in 2017 to 2.410 billion yuan in 2023, and net profit rising from 316 million yuan to 795 million yuan over the same period [4]. Business Segmentation - The bank's business is divided into corporate, personal, and funding segments, contributing 27.45%, 57.55%, and 14.66% to revenue respectively. The corporate business has been growing significantly, with a loan growth rate of 16.1% in 2024, outpacing retail by 13.9 percentage points [5]. - Changshu Bank's focus on the "three rural issues and two small enterprises" market positioning has created a competitive advantage, exemplified by its "Changyin Microfinance Model," which aims to address the challenges of small and micro finance [5].