常熟银行：业绩保持稳定高增，存款定期化略有改善

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Views - The company has demonstrated stable high growth in its performance, with a year-on-year revenue increase of 11.3% and a net profit growth of 18.2% for the first three quarters of 2024 [2][3]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.77% as of September, showing a slight increase [2]. - The bank's management has successfully reduced the cost-to-income ratio, which improved by 4.1 percentage points to 35.2% compared to the previous year [2]. Financial Performance - Revenue and profit growth rates for the first three quarters of 2024 are 11.3% and 18.2%, respectively, indicating stability compared to the half-year report [2]. - Net interest income increased by 6.2% year-on-year, while non-interest income surged by 44.2%, driven by investment income and fair value changes [2]. - The bank's total assets reached 362.7 billion, with a year-on-year growth of 10.4%, and loans amounted to 239.7 billion, reflecting a growth rate of 9.7% [3]. Asset Quality - The non-performing loan ratio stood at 0.77% as of September, with a slight increase of 1 basis point from the previous quarter [2]. - The bank's provision coverage ratio was 528%, indicating a strong buffer against potential loan losses [2]. Deposit and Loan Trends - As of September, total deposits reached 284.6 billion, with a year-on-year growth rate of 17.0% [3]. - The proportion of time deposits was 71.7%, showing a slight decrease of 0.2 percentage points from the previous quarter [3]. Future Outlook - The company is expected to continue achieving steady growth in scale, with a projected annual revenue growth of 10% and net profit growth of 18% as per management's guidance [3]. - The bank's performance is anticipated to remain stable throughout the year, with expectations of maintaining a favorable net interest margin compared to peers [3].