23 年全年利息净收入同比-6.63%，增速较前三季度-1.09PCT。从信贷投放来看，截至23 年末，江阴银行贷款余额为1153.52 亿元，同比+11.85%，增速较前三季度-0.17PCT，信贷投放快于整体金融机构。信贷投放表现较好，主要系对公信贷增长较好。23 年江阴银行新增贷款122.24 亿元，其中对公贷款新增96.04 亿元，占比达到78.57%。从贷款投放区域来看，截至23 年末，江阴银行在江阴地区贷款余额占比为68.01%，较年中+1.30PCT。Incidents:
Jiangyin Bank released its 23rd annual report. In 23, it achieved revenue of 3.865 billion yuan, +2.25% year-on-year, with a growth rate of +1.81 PCT compared to the previous three quarters; net profit to mother was 1,888 billion yuan, +16.83% year-on-year, and +1.68 PCT compared to the previous three quarters.
Deeply cultivated in Jiangyin, strong credit investment
Net interest income for the full year of '23 was -6.63% year-on-year, and the growth rate was -1.09PCT compared to the previous three quarters. Looking at credit investment, as of the end of '23, Jiangyin Bank's loan balance was 115.352 billion yuan, +11.85% year over year. The growth rate was -0.17PCT compared to the previous three quarters, and credit investment was faster than that of financial institutions as a whole. Credit investment performance was good, mainly due to good growth in public credit. Jiangyin Bank added 12.224 billion yuan in loans in '23, of which 9.604 billion yuan was added to public loans, accounting for 78.57%. Looking at loan investment regions, as of the end of '23, Jiangyin Bank's loan balance in the Jiangyin region accounted for 68.01%, +1.30PCT compared to mid-year.
Interest spreads showed strong resilience, and the share of current deposits increased
Looking at net interest spreads, Jiangyin Bank's net interest spread for the full year of '23 was 2.06%, compared to -1BP at the end of the third quarter, which was mainly dragged down by the asset side. Jiangyin Bank's average yield on 23-year interest-bearing assets was 3.92%, compared to -14BP in the first half of the year, mainly due to a decline in loan yield. The average yield of Jiangyin Bank's 23-year loan is 4.47%, compared to -21BP in the first half of the year. It is expected mainly due to the decline in benchmark interest rates and adjustments in stock mortgage interest rates. The average cost ratio of interest-bearing debt is 2.07%. Compared with the first half of the year, -1 BP, it is expected to be mainly due to an improvement in the deposit structure. As of the end of '23, Jiangyin Bank's current deposit ratio was 30.29%, +1.51 PCT at the end of the third quarter.
Write-off efforts have improved markedly, and asset quality continues to be consolidated
From a static perspective, as of the end of '23, Jiangyin Bank's non-performing rate and attention rate were 0.98% and 1.06%, respectively, compared to -0BP and -1BP at the end of the third quarter. The overdue rate was 1.19%, compared to mid-year -26BP. The improvement in asset quality is mainly due to the company continuing to increase write-off efforts and continuously implement asset quality. Jiangyin Bank wrote off loans of 1,327 billion yuan in '23, +125.00% year-on-year. Looking at the dynamics, Jiangyin Bank's 23 bad generation rate was 1.40%. Compared with +41BP in the first half of the year, the negative generation pressure has increased. It is expected to be mainly caused by retail disruptions. In terms of provision, as of the end of '23, Jiangyin Bank's provision coverage rate was 409.46%, and the risk compensation capacity was sufficient.
Profit Forecasts, Valuations, and Ratings
We expect the company's revenue for 2024-2026 to be 41.57, 4.503, and 5,029 billion yuan respectively, with year-on-year growth rates of +7.55%, +8.32%, and +11.68%, respectively, and a 3-year CAGR of 9.17%. Net profit attributable to mother was 20.97 billion yuan, 23.47 billion yuan, and 2,665 billion yuan respectively. The year-on-year growth rates were +11.08%, +11.89%, and +13.56%, respectively, and the 3-year CAGR was 12.17%. In view of the company's significant location advantage and excellent asset quality, we maintained a target price of 5.66 yuan, maintaining a “buy” rating.
Risk warning: Steady growth falls short of expectations, and asset quality deteriorates.