BANK OF SUZHOU(002966) 国盛证券·2025-04-29 06:23Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [5] Core Views - Suzhou Bank reported a revenue of 12.2 billion yuan in 2024, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 5.1 billion yuan, up 10.16% year-on-year. For Q1 2025, the revenue was 3.2 billion yuan, a 0.76% increase year-on-year, with a net profit of 1.6 billion yuan, growing 6.80% year-on-year [1][2] - The bank's non-performing loan (NPL) ratio stood at 0.83% at the end of Q1 2025, unchanged from the end of the previous year, while the provision coverage ratio decreased by 36 percentage points to 447.20% [1][3] Performance Summary - Revenue and Profit Growth: In Q1 2025, the operating income and net profit attributable to shareholders grew by 0.76% and 6.80% year-on-year, respectively. The net interest income decreased by 0.57% year-on-year, but the decline was less severe compared to the previous year [2] - Fee Income: Net fee and commission income increased by 22.48% year-on-year, benefiting from a low base effect from the previous year [2] - Asset Quality: The NPL ratio for corporate loans was 0.51%, down 13 basis points from Q2 2024, primarily due to a significant decrease in the NPL ratio for the real estate sector [3] - Loan Growth: As of Q1 2025, total assets and loans reached 727.2 billion yuan and 362.9 billion yuan, respectively, with year-on-year growth of 12.18% and 12.74% [4] Asset and Liability Management - Deposits: Total deposits at the end of Q1 2025 amounted to 463.0 billion yuan, reflecting a year-on-year increase of 12.63% [9] - Loan Composition: The net increase in loans for Q1 2025 was 29.5 billion yuan, with corporate loans contributing significantly to this growth [4][9] Financial Metrics - Earnings Per Share (EPS): EPS for 2024 is projected at 1.32 yuan, with a growth rate of 6.81% expected for 2025 [11][12] - Dividend Payout: The dividend payout ratio for 2024 reached 32.50%, an increase from 31.08% in 2023 [1]