研報掘金丨國盛證券:常熟銀行未來業績有望持續高增,維持“買入”評級
國盛證券研報指出,常熟銀行三年期及以上存款佔比下降明顯,負債成本改善力度加大。25H1營業收入、歸母淨利潤增速分別為10.10%、13.51%,分別較25Q1增速提升0.1pc、下降0.3pc,業績維持高增,主要得益於規模增長提速、其他非息收入增加對營收增長形成正向貢獻。存款成本自2024年以來出現向下拐點,並延續改善趨勢。此外同業負債成本率下降30bp至2.21%,亦對負債成本改善形成一定貢獻。25Q2金融投資規模增長明顯提速。25H1貸款淨增加106億元,其中企業貸款、個人貸款分別增加57億元、增加14億元,信貸增量貢獻主要來自基建相關、批發和零售業、個人經營性貸款。常熟銀行具有稀缺“成長”屬性,基本面來看,資產質量保持穩健、撥備安全墊較高,未來業績有望持續高增,維持“買入”評級。
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