Changshu Bank(601128) 新浪财经·2025-04-26 10:34Core Viewpoint - Changshu Bank reported a strong performance in Q1 2025, with revenue of 3 billion yuan and a net profit of 1.1 billion yuan, indicating year-on-year growth of 10.04% and 13.81% respectively [1][2]. Group 1: Performance - Revenue and net profit growth rates for Q1 2025 were 10.04% and 13.81%, showing a slight decline from the previous year's growth rates by 0.5 percentage points and 2.4 percentage points respectively [2]. - Net interest income increased by 0.91% year-on-year, but the growth rate decreased by 6.6 percentage points compared to the previous year, with a net interest margin of 2.61%, down 10 basis points [2]. - Non-interest income saw significant growth, with net fee and commission income increasing by 495.23% due to a low comparative base from the previous year, and other non-interest income rising by 48.84% [3]. Group 2: Asset Quality - The non-performing loan ratio stood at 0.76%, a decrease of 1 basis point from the previous quarter, while the provision coverage ratio was 489.56%, down 11 percentage points from the end of the previous year [4]. - The credit cost for Q1 2025 was 0.96%, reflecting a year-on-year increase of 5 basis points [4]. Group 3: Assets and Liabilities - As of the end of Q1 2025, total assets and loans were 389 billion yuan and 249.6 billion yuan, respectively, showing year-on-year growth of 6.67% and 6.12% [5]. - Total deposits reached 309 billion yuan, a year-on-year increase of 9.00%, with a net increase of 22.5 billion yuan in the quarter, primarily driven by time deposits [5]. - The proportion of demand deposits increased to 19.17%, up 1.06 percentage points from the beginning of the year, indicating a strategic shift in deposit pricing [5]. Group 4: Investment Outlook - Changshu Bank is viewed as having a rare "growth" attribute, with stable asset quality and a high provision buffer, suggesting continued strong performance in the coming years [5]. - Projected net profits for 2025-2027 are expected to be 4.3 billion, 4.8 billion, and 5.3 billion yuan, reflecting year-on-year growth rates of 12.22%, 11.70%, and 10.17% respectively [5].