Bank Of Jiangsu(600919) 平安证券·2025-04-21 08:46Investment Rating - The report maintains a "Strong Buy" rating for Jiangsu Bank, expecting the stock to outperform the market by over 20% within the next six months [3][13]. Core Insights - Jiangsu Bank reported a revenue of 80.8 billion yuan for 2024, representing an 8.8% year-on-year growth, and a net profit attributable to shareholders of 31.8 billion yuan, up 10.8% year-on-year [4][7]. - The bank's annualized return on equity (ROE) was 13.59% as of the end of 2024, with total assets growing by 16.1% year-on-year [4][7]. - The bank's profit distribution plan includes a dividend of 2.144 yuan per 10 shares, with an annual payout ratio of 30% [4]. Financial Performance Summary - Revenue and Profit Growth: Jiangsu Bank's net profit for 2024 increased by 10.8%, with a steady growth in revenue of 8.8%. The bank's interest income rose by 6.3%, while non-interest income surged by 14.8% [7][9]. - Loan and Deposit Growth: Total loans grew by 10.7% year-on-year, and deposits increased by 12.8%. The bank's total assets reached 3,952.04 billion yuan [4][10]. - Cost Management: The bank's net interest margin (NIM) was 1.86%, with a decrease in interest expenses by 1.93% year-on-year, indicating effective cost control [7][11]. Asset Quality and Risk Management - Asset Quality: The non-performing loan (NPL) ratio remained stable at 0.89%, with a provision coverage ratio of 350% as of the end of 2024 [8][10]. - Future Projections: The bank's EPS is projected to be 1.91 yuan in 2025, with a growth rate of 10.2% [11][12]. Investment Outlook - The report highlights the bank's strong regional advantages and ongoing retail transformation, which are expected to enhance profitability and operational quality [7][9]. The bank is positioned favorably within the domestic city commercial bank sector, with a focus on local market development and retail banking [8][10].