Core Viewpoint - Nanjing Bank, known as the "King of Bonds," has faced mixed reviews due to its aggressive investment strategy, which has led to significant fluctuations in earnings and challenges in its retail banking transformation [1][2][3]. Financial Performance - As of the end of 2024, Nanjing Bank's financial investments reached 1.08 trillion yuan, accounting for 41.7% of total assets, ranking third among 29 A-share listed banks [2][3]. - The bank's trading financial assets constituted 18.2% of total assets, indicating a more aggressive investment style compared to peers [2][3]. - In 2024, Nanjing Bank reported a public value change profit of 7.38 billion yuan, a 329.5% increase year-on-year, primarily driven by trading financial assets [3][4]. - The bank's total revenue for 2024 was 50.27 billion yuan, with a net profit of 20.37 billion yuan, reflecting year-on-year growth of 11.3% and 9.3%, respectively [3]. Retail Banking Transformation - Nanjing Bank has implemented a "Big Retail" strategy, significantly increasing its consumer loan balance to 203.84 billion yuan, a 24-fold increase since 2014 [5][6]. - Despite the growth in consumer loans, the retail banking segment reported a loss of 1.2 billion yuan in the previous year, highlighting challenges in profitability [6][7]. - The bank's personal loan interest income grew only 1.87% year-on-year, significantly lagging behind the growth in loan volume [6][7]. Asset Quality and Risks - The personal loan non-performing rate was 1.29%, down 0.21 percentage points from the previous year, but the overall asset quality pressure remains high [7][8]. - Nanjing Bank's overall non-performing loan ratio was 0.83%, with a significant increase in the amount of non-performing loans written off [7][8]. - The bank's reliance on certain sectors, such as public services, has kept its corporate loan non-performing rates low, while exposure to real estate and manufacturing has increased risk [8]. Strategic Direction - In 2024, Nanjing Bank initiated a new five-year strategic plan focusing on five key banking areas, with an emphasis on innovation and digital banking, moving away from the previous "Big Retail" strategy [10][11]. - The new chairman, who took office in February 2024, is expected to address the challenges in retail banking and enhance the bank's core responsibilities [9][10].

Core Viewpoint - Nanjing Bank's 2024 annual report and Q1 2025 report indicate a slowdown in revenue and net profit growth compared to the previous year, despite strong interest income growth and stable asset quality [1][2]. Revenue and Profit Performance - Q1 2025 revenue increased by 6.53% year-on-year, while net profit attributable to shareholders rose by 7.06%, both showing a slowdown from the previous year's growth rates of 11.32% and 9.05% respectively [2]. - The significant growth in net interest income of 17.8% year-on-year effectively offset the decline in non-interest income, which was impacted by fluctuations in the bond market [2]. Asset and Loan Growth - Total assets grew by 15.40% year-on-year in Q1 2025, with deposits increasing by 16.70% and loans by 14.69%, indicating a continued strong expansion [3]. - The growth in loans was primarily driven by corporate loans, with notable increases in technology finance loans (up 13.24%), green finance loans (up 11.96%), and inclusive finance loans (up 9.25%) [3]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio remained stable at 0.83%, while the coverage ratio slightly decreased to 323.69%, indicating a stable asset quality despite a minor decline in risk coverage [3]. - The proportion of special mention loans decreased by 5 basis points to 1.15%, reflecting improved asset quality management [3]. Earnings Forecast and Investment Rating - The company maintains a "buy" rating, with projected revenues for 2025-2027 of 52.501 billion, 55.845 billion, and 60.453 billion yuan, representing year-on-year growth rates of 4.43%, 6.37%, and 8.25% respectively [4]. - Net profit forecasts for the same period are 21.164 billion, 22.020 billion, and 22.858 billion yuan, with expected growth rates of 4.89%, 4.04%, and 3.81% [4].

证券简称: 南京银行 证券代码: 601009 编号: 2025-016 优先股简称：南银优 1 优先股代码：360019 南银优 2 360024 可转债简称：南银转债 可转债代码：113050 南京银行股份有限公司 1 关于二级资本债券发行完毕的公告 特别提示： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经中国人民银行和国家金融监督管理总局江苏监管局批准，南京银行股份有 限公司（以下简称"本公司"）于近日在全国银行间债券市场成功发行"南京银 行股份有限公司 2025 年二级资本债券（第一期）（债券通）"（以下简称"本 期债券"）。 本期债券于 2025 年 4 月 24 日发行完毕，发行总额为人民币 110 亿元，为 10 年期固定利率债券，在第 5 年末附有条件的发行人赎回权，票面利率 2.05%。 本期债券募集资金将依据适用法律和监管部门的批准用于充实本公司二级 资本，提高资本充足率，以增强本公司的营运实力，提高抗风险能力，支持业务 持续稳健发展。 特此公告。 南京银行股份有限公司董事会 2025 年 4 月 2 ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has shown a slight improvement in growth rates, with revenue growth of 11.3% for 2024 and 6.5% for Q1 2025, while net profit growth was 9.1% and 7.1% respectively. This growth is supported by an increase in net interest income [2] - Asset quality indicators remain stable, with a non-performing loan ratio of 0.83% as of Q1 2025, unchanged from the beginning of the year. The company has increased efforts in disposing of non-performing assets, with a provision coverage ratio of 323.7% [3] - The company is expected to maintain steady growth, with projected net profits of 21.623 billion, 23.180 billion, and 24.791 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 7.17%, 7.20%, and 6.95% [4] Summary by Sections Revenue and Profitability - For 2024, the company is projected to achieve a total revenue of 50.273 billion, with a growth rate of 11.32%. The net profit is expected to be 20.177 billion, with a growth rate of 9.05% [4] - The net interest income for 2024 is estimated at 26.627 billion, with interest income of 79.534 billion and interest expenses of 52.908 billion [9] Asset Quality - The non-performing loan ratios for corporate and personal loans are 0.66% and 1.29% respectively, showing a year-on-year decrease of 4 basis points and 21 basis points [3] - The company has reported a significant increase in retail customer assets under management (AUM), reaching 913.586 billion by the end of Q1 2025, a growth of 10.48% [2] Future Projections - The company is expected to see a steady increase in total assets, projected to reach 2.591 trillion in 2024 and grow to 3.485 trillion by 2027 [9] - The projected price-to-book (PB) ratios for 2025, 2026, and 2027 are 0.68, 0.62, and 0.56 respectively, indicating a favorable valuation outlook [4]

Investment Rating - The investment rating for the company is "Buy" with a current price of 10.44 CNY and a reasonable value of 14.69 CNY [2] Core Insights - The company has shown strong performance in corporate loans, with a year-on-year growth of 14.5% in 2024, focusing on key sectors such as infrastructure and green finance [6] - The non-performing loan ratio has stabilized at 0.83%, showing a slight decrease from the previous year, indicating improved asset quality [6] - The non-interest income has shown signs of recovery, with a significant increase of 18.0% year-on-year in Q1 2025, following a challenging year in 2024 [6] - The net interest margin has been under pressure, decreasing to 1.94% by the end of 2024, but the downward trend is easing [6] - The company is expected to see a net profit growth of 0.14% in 2025 and 5.68% in 2026, with corresponding EPS of 1.72 CNY and 1.83 CNY per share [6] Summary by Sections Financial Performance - In Q1 2025, the revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 6.5%, 6.2%, and 7.1% year-on-year, respectively [6][9] - The total assets grew by 15.4% year-on-year, with loans increasing by 14.69% [9] Asset Quality - The non-performing loan balance was reported at 11.173 billion CNY, with a non-performing loan ratio of 0.83% [9] - The provision coverage ratio stands at 335.27%, indicating a strong buffer against potential loan losses [6] Income Structure - The net interest income has shown a year-on-year increase of 17.8% in Q1 2025, while non-interest income has decreased by 4.5% [12] - The cost-to-income ratio improved to 23.80%, reflecting better operational efficiency [9] Capital Adequacy - The core capital adequacy ratio decreased to 8.89% in Q1 2025, down by 47 basis points from the beginning of the year [6] - The company is expected to enhance its capital position through convertible bonds [6]

Core Viewpoint - The financial performance of the company in 2024 shows a significant increase in revenue and net profit compared to 2023, indicating a positive growth trajectory in its operations [3][4]. Financial Performance Summary - **Operating Revenue**: The operating revenue for 2024 is 50,273,070 thousand RMB, representing an increase of 11.32% from 45,159,511 thousand RMB in 2023 [3]. - **Net Interest Income**: Net interest income rose to 26,626,683 thousand RMB, up by 4.62% from 25,451,534 thousand RMB in the previous year [3]. - **Non-Interest Income**: Non-interest income increased significantly by 19.98%, reaching 23,646,387 thousand RMB compared to 19,707,977 thousand RMB in 2023 [3][4]. - **Operating Expenses**: Operating expenses grew by 9.76% to 25,584,889 thousand RMB from 23,309,790 thousand RMB in 2023 [3]. - **Net Profit**: The net profit for 2024 is reported at 20,364,934 thousand RMB, which is a 9.31% increase from 18,630,482 thousand RMB in 2023 [3]. - **Profit Attributable to Shareholders**: The profit attributable to shareholders of the parent company is 20,176,728 thousand RMB, reflecting a growth of 9.05% from 18,502,084 thousand RMB in the previous year [3]. Income Composition - **Fee and Commission Income**: The net fee and commission income decreased by 28.55% to 2,592,597 thousand RMB from 3,628,786 thousand RMB in 2023 [4]. - **Investment Income**: Investment income accounted for 13,617,837 thousand RMB, down by 8.08% from 14,814,412 thousand RMB in 2023 [4]. - **Fair Value Changes**: Fair value changes in income surged by 329.48%, reaching 7,376,521 thousand RMB compared to 1,717,565 thousand RMB in 2023 [4][6]. Expense Breakdown - **Credit Impairment Losses**: Credit impairment losses increased by 20.01% to 10,524,696 thousand RMB from 8,769,764 thousand RMB in 2023 [3]. - **Other Asset Impairment Losses**: Other asset impairment losses saw a dramatic rise of 1,538.50%, totaling 72,045 thousand RMB compared to 4,397 thousand RMB in the previous year [3]. Employee Compensation - **Total Employee Compensation**: The total employee compensation for 2024 is reported at 96.33 billion RMB, reflecting a growth trend over the years [7].

Core Points - Nanjing Bank reported a revenue of 50.27 billion RMB for 2024, an increase of 11.32% compared to 2023, with a net profit attributable to shareholders of 20.18 billion RMB, reflecting a growth of 9.05% year-on-year [1][2] Financial Performance - The operating income for 2024 was 50,273,070,000 RMB, up from 45,159,511,000 RMB in 2023, marking an increase of 11.32% [1] - The net profit attributable to shareholders reached 20,176,728,000 RMB, an increase of 16,750,644,000 RMB from the previous year, representing a growth of 9.05% [1] - Non-interest income was 23,646,000,000 RMB, which is a 19.98% increase year-on-year [1] - The basic earnings per share rose to 1.83 RMB, an increase of 8.93% from 2023 [1] Asset Quality - The non-performing loan ratio stood at 0.83%, with a provision coverage ratio of 335.27%, indicating stable asset quality [2] - Total assets at the end of 2024 were 2,591.40 billion RMB, an increase of 13.25% from the previous year [2] - Total loans amounted to 1,256.40 billion RMB, reflecting a growth of 14.31% year-on-year [2] Employee and Management Information - The total number of employees at Nanjing Bank reached 18,045, an increase of 10.42% from the previous year [3] - The annual report for 2024 is the first complete report under the leadership of Chairman Xie Ning [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's net interest income has shown significant growth, while asset quality is improving overall [9] - The forecasted growth rates for the company's net profit attributable to shareholders for 2025, 2026, and 2027 are 9.9%, 9.1%, and 9.5% respectively [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.67X for 2025, 0.60X for 2026, and 0.55X for 2027, indicating potential undervaluation [3] Financial Performance Summary - For 2023, the company reported an operating income of 45,160 million yuan, with a year-on-year growth of 1.2% [4] - The net profit attributable to shareholders for 2023 was 18,502 million yuan, reflecting a modest growth of 0.5% [4] - The forecast for operating income is expected to reach 55,094 million yuan in 2025, with a growth rate of 9.6% [4] - The earnings per share (EPS) is projected to increase from 1.68 yuan in 2023 to 1.90 yuan in 2025 [4] Asset Quality and Growth - As of Q1 2025, the company's total assets and loan amounts grew by 15.4% and 14.7% year-on-year, respectively [9] - The non-performing loan (NPL) ratio stood at 0.83% as of Q1 2025, unchanged from the end of 2024, indicating stable asset quality [9] - The company has made significant strides in its precious metals business, with balances increasing from 0.6 million yuan at the end of 2024 to 6 billion yuan in Q1 2025 [9]

Investment Rating - The report maintains a "Buy" rating for Nanjing Bank [6] Core Views - Nanjing Bank's revenue growth in 2024 and Q1 2025 exceeded expectations, driven by significant increases in net interest income, with revenue growth of 11.3% and 6.5% year-on-year respectively [6] - The bank's asset quality remains strong, with non-performing loan ratios stable at 0.83% and a provision coverage ratio of 324% [6] - The report highlights the bank's focus on retail lending and credit growth, with a notable increase in loan issuance in key sectors such as technology and green finance [6] Financial Data and Profit Forecast - Total revenue (in million) is projected to grow from 45,159.51 in 2023 to 52,873.78 in 2025E, with a year-on-year growth rate of 1.24% in 2023 and 11.32% in 2024 [5] - Net profit attributable to shareholders is expected to increase from 18,502.08 in 2023 to 21,788.20 in 2025E, with a year-on-year growth rate of 0.51% in 2023 and 9.05% in 2024 [5] - The report anticipates a steady decline in the price-to-earnings ratio from 6.21 in 2023 to 5.59 in 2025E, indicating improved valuation [5] Loan Growth and Structure - Nanjing Bank's loan growth is projected to remain robust, with a year-on-year increase of 14.3% in Q4 2024 and 14.6% in Q1 2025, driven primarily by corporate lending [6][10] - The bank's loan issuance strategy focuses on key areas such as technology, green finance, and inclusive finance, with over 50% of new loans expected to be allocated to Shanghai and Beijing branches [9][11] Interest Margin and Cost of Liabilities - The net interest margin is expected to stabilize, with a slight increase in Q1 2025 to 1.44%, supported by a decrease in the cost of liabilities [8][13] - The report notes a decline in the cost of interest-bearing liabilities, which is projected to enhance the bank's profitability [13] Asset Quality and Risk Management - Nanjing Bank's non-performing loan ratio has remained stable at 0.83%, with proactive measures taken to manage asset quality [8] - The report indicates that the bank's focus on asset disposal has contributed to maintaining a leading position in asset quality within the industry [8]

Core Viewpoint - Nanjing Bank will have 1.131 billion shares of restricted stock released for circulation on April 23, 2023, representing 10.21% of its total share capital, with a market value of 11.809 billion yuan [1][4]. Group 1: Stock Release Details - The released shares originate from a non-public offering conducted in April 2020, with a lock-up period of 60 months [4]. - The two shareholders involved in this release are BNP Paribas, holding 131.23 million shares (1.18% of total shares), and Jiangsu Transportation Holding Co., Ltd., holding 999.87 million shares (9.03% of total shares) [4][5]. Group 2: Financial Performance - For the fiscal year 2024, Nanjing Bank reported revenue of 50.271 billion yuan, an increase of 11.32% year-on-year, and a net profit attributable to shareholders of 20.177 billion yuan, up 9.05% year-on-year [7]. - The bank plans to distribute a cash dividend of 2.1176 yuan per 10 shares, totaling 2.344 billion yuan, which represents 30% of the net profit attributable to shareholders [7]. - In the first quarter of 2025, the bank achieved revenue of 14.190 billion yuan, a year-on-year increase of 6.53%, and a net profit of 6.108 billion yuan, up 7.06% year-on-year [8].