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Bank of Jiangsu (600919): Net income maintains double-digit growth, narrowing the decline in interest margin.
The profit maintains double-digit growth. In Q3 of 2024, the Bank of Jiangsu's quarterly revenue increased by +4.25% year-on-year, while the net income attributable to the parent company increased by +10.08% year-on-year. From Q1 to Q3 of 2024, revenue increased by +6.18% year-on-year, and net income attributable to the parent company increased by +10.06% year-on-year.
Express News | Multiple banks announced that starting from November 1st, mortgage customers can apply to adjust the interest rate markup.
Citigroup: The third-quarter profit of domestic banks exceeds expectations. First choice is China Merchants Bank (03968.HK) and bank of jiangsu (600919.SH).
Citigroup released a research report stating that the performance of the 22 mainland banks covered in the third quarter of this year has improved on a quarterly basis, with average pre-provision profit increasing by 0.5% year-on-year, compared to a 3.7% decrease in the previous quarter. Benefiting from the decrease in credit costs, third-quarter profit growth exceeded expectations, reaching 3.6% year-on-year, compared to 1.5% in the second quarter. The performance of most internal banks rated by Citigroup in the third quarter met expectations, with only Shanghai Pudong Development Bank (600000.SH), Industrial and Commercial Bank of China (01398.HK), China Construction Bank Corporation (00939.HK), and Bank of Ningbo (002142.SZ) exceeding expectations.
Bank of Jiangsu (600919): Strong performance sustainability; Retail loans rebounding.
Revenue growth rate has slightly narrowed, while net income growth rate remains stable. 3Q24 revenue year-on-year +6.1% (vs 1H24 year-on-year +7.1%), 1H24 net income year-on-year +10.1% (vs 1H24 year-on-year +1
Express News | bank of jiangsu plans to raise 60 billion yuan through bond issuance.
China Galaxy Securities: Incremental policy effects released bullish on the value of bank allocation.
NDRC, Ministry of Finance, and Ministry of Housing and Urban-Rural Development respectively held press conferences this month, announcing a package of incremental policies to continuously stabilize growth, expand domestic demand, and implement risk mitigation actions to boost consumer consumption.
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