常熟银行(601128)：规模降速等需求

Core Viewpoint - The key feature of the recent quarterly report from Changshu Bank is a significant slowdown in growth rate, with total assets and loans growing at 6.7% and 6.6% respectively, marking the lowest growth rates since 2012 [2][3] Group 1: Performance Metrics - As of the end of Q1, the bank's total assets grew by 6.7%, and loans increased by 6.6%, both lower than the previous year's growth rates [2] - The deposit growth rate was 9.4%, which, while lower than previous rates, still exceeded the growth rates of assets and loans [2] - The bank has actively reduced its scale expansion demands and lowered interbank liabilities, reflecting a pragmatic choice in the current uncertain macroeconomic environment [2] Group 2: Strategic Positioning - Changshu Bank differentiates itself by focusing on "true small and micro loans," which emphasizes genuine small business needs and filling financial service gaps [2] - The bank's growth premium is derived from its commitment to "true small and micro," which is based on real operational demands [2] - The current macroeconomic conditions, including weak consumer confidence and real estate recovery, have led to a cautious approach in scaling up, aligning with the bank's strategic focus [2] Group 3: Future Outlook - The bank maintains excellent asset quality and a stable asset-liability structure, with room for deposit pricing adjustments [3] - Despite the low demand for small and micro loans and macroeconomic uncertainties, the bank's adherence to its "true small and micro" strategy positions it well for future demand recovery [3] - Ongoing fiscal policies are expected to eventually translate into increased demand for small and micro loans, potentially restoring the bank's growth premium [3]