Bank of Suzhou (002966) H2 2024 earnings summary

Executive summary

• Total assets reached RMB 693.7 billion, up 15.27% year-over-year; deposits grew 14.61%, loans up 13.62%.

• Operating income rose 3.01% to RMB 12.22 billion; net profit attributable to shareholders increased 10.16% to RMB 5.07 billion.

• Asset quality remained strong with NPL ratio at 0.83% and provision coverage at 483.5%.

• Global ranking improved to 253rd among top 1000 banks; Moody’s rating at Baa3 (investment grade).

Financial highlights

• Operating income: RMB 12.22 billion, up 3.01% year-over-year.

• Net profit: RMB 5.27 billion, up 9.92% year-over-year; net profit attributable to shareholders: RMB 5.07 billion, up 10.16%.

• Basic EPS: RMB 1.31, up 7.38%; ROAE: 11.68%.

• Total assets: RMB 693.7 billion (+15.27%); deposits: RMB 416.96 billion (+14.61%); loans: RMB 333.36 billion (+13.62%).

• NPL ratio: 0.83%; provision coverage: 483.5%.

• Net interest margin: 1.38%, down 0.30 percentage points year-over-year.

Outlook and guidance

• Focus on “customer-centric” integrated strategy, digital transformation, and risk management.

• 2025 marks the final year of the 14th Five-Year Plan; aims to further strengthen risk controls, digitalization, and support for regional economic development.

• Plans to maintain high dividend payout, with cash dividends exceeding 30% of attributable net profit for five consecutive years.