常熟银行2024年三季报业绩点评：业绩稳健高增，资产质量优异

Investment Rating - The report maintains a "Recommended" rating for Changshu Bank (stock code: 601128) [1] Core Views - The bank demonstrated robust performance with significant growth in revenue and net profit for the first three quarters of 2024, achieving operating income of 8.37 billion yuan, a year-on-year increase of 11.3%, and a net profit attributable to shareholders of 2.976 billion yuan, up 18.17% year-on-year [1] - The bank's net interest margin (NIM) improved, supported by a strong expansion in corporate loans and a favorable deposit structure [1] - Non-interest income showed steady growth, with investment income increasing significantly, contributing to overall performance [1] - The asset quality remains strong, with a non-performing loan (NPL) ratio of 0.77% and a provision coverage ratio of 528.4%, indicating robust risk mitigation capabilities [1] Summary by Sections Financial Performance - For the first nine months of 2024, the bank's net interest income reached 6.903 billion yuan, a year-on-year increase of 6.15%, with an annualized net interest margin of 2.75%, up 2 basis points from the first half of 2024 [1] - The bank's total loans grew by 7.75% year-on-year, with corporate loans increasing by 14.12% [1] Non-Interest Income - Non-interest income for the first nine months was 1.467 billion yuan, up 44.17% year-on-year, primarily driven by a significant increase in investment income, which reached 1.339 billion yuan, a 92.54% increase [1] Asset Quality - As of September 2024, the bank's NPL ratio was 0.77%, with a provision coverage ratio of 528.4%, indicating a strong position relative to industry peers [1] Investment Recommendations - The bank's focus on supporting agriculture and small enterprises solidifies its competitive advantage in microfinance, with significant growth potential in credit demand and personal business loans [1] - The report projects a book value per share (BVPS) of 9.16 yuan, 10.45 yuan, and 11.96 yuan for 2024-2026, with current price-to-book ratios of 0.78X, 0.69X, and 0.60X respectively [1]