江苏银行(600919)：盈利增长较快

Core Insights - Jiangsu Bank reported a revenue growth of 8.8% year-on-year for 2024, with a net profit attributable to shareholders increasing by 10.8% [2] - The bank's total assets grew by 16% year-on-year, with loans increasing by 11% and financial investments rising by 24% [2] - The net interest margin for 2024 was 1.86%, a decrease of 12 basis points compared to the previous year [2] Financial Performance - Net interest income showed positive growth, supported by the expansion of the bank's scale [2] - The bank's fee and commission income increased by 3.3% year-on-year, primarily driven by growth in settlement, clearing, and underwriting services [2] - The bank's asset quality remained stable, with a non-performing loan ratio of 0.89%, down 2 basis points year-on-year [2] Profit Forecast and Investment Recommendations - The bank is expected to maintain strong growth resilience, with projected net profits of 34.4 billion, 36.2 billion, and 38.3 billion yuan for 2025-2027, reflecting year-on-year growth rates of 7.91%, 5.47%, and 5.73% respectively [3] - The current dividend per share is 0.52 yuan, resulting in a dividend yield of 5.3% based on the closing price of 9.87 yuan on April 18 [3] - The bank's price-to-book (PB) ratios for 2025-2027 are projected to be 0.72, 0.65, and 0.59 respectively [3]