Investment Rating - The report maintains a "Strong Buy" rating for Nanjing Bank [4] Core Views - Nanjing Bank has demonstrated robust growth in both loan and deposit scales, with loan growth rates of 14.55% for 2024 and 19.46% for Q1 2025, while deposits increased by 16.84% year-on-year in Q1 2025 [2][3] - The bank's net interest margin showed signs of recovery, with a reported net interest margin of 1.94% for 2024, and an expected increase of 6 basis points in Q1 2025 compared to Q4 2024 [2][3] - Asset quality remains stable, with a non-performing loan ratio of 0.83% at the end of Q1 2025, and a high provision coverage ratio of 323.69% [2][3] - The cost-to-income ratio improved to 28.08% in 2024, down 2.39 percentage points year-on-year, reflecting effective cost management [2][3] Summary by Sections Performance Metrics - For 2024, Nanjing Bank reported revenue growth of 11.32%, PPOP growth of 15.02%, and net profit growth of 9.05%. In Q1 2025, revenue, PPOP, and net profit grew by 6.53%, 6.23%, and 7.06% respectively [1][8][14] - The bank's total assets reached 2,765.24 billion by Q1 2025, with total loans at 1,346.12 billion and total deposits at 1,691.82 billion [13][14] Non-Interest Income - Other non-interest income saw a decline of 10.8% year-on-year in Q1 2025, primarily due to market adjustments affecting TPL [3][32] - Investment income increased by 36.5% year-on-year, helping to offset losses from fair value changes [3] Interest Margin and Asset Quality - The net interest margin for 2024 was reported at 1.94%, with expectations of a marginal recovery in Q1 2025 [2][3] - The non-performing loan ratio remained stable at 0.83% in Q1 2025, with a significant improvement in personal loan quality [2][3] Capital and Shareholder Information - Nanjing Bank's total market capitalization is approximately 115.6 billion, with a dividend payout ratio of 31.74% for 2024, translating to a dividend yield of 5.45% based on the latest closing price [4][8]

Core Viewpoint - Nanjing Bank reported strong financial performance for 2024 and Q1 2025, with revenue and net profit growth driven by increased interest income and non-interest income, despite some challenges in asset quality and capital adequacy [1][2][8]. Financial Performance - For 2024, Nanjing Bank achieved revenue of 50.3 billion yuan, a year-on-year increase of 11.3%, and a net profit of 20.2 billion yuan, up 9.1% [1]. - In Q1 2025, revenue reached 14.2 billion yuan, growing 6.5% year-on-year, with net profit at 6.1 billion yuan, reflecting a 7.1% increase [1][2]. - The bank's non-performing loan (NPL) ratio remained stable at 0.83% for both Q4 2024 and Q1 2025, while the provision coverage ratio decreased to 324% [1][7]. Revenue Drivers - The significant increase in net interest income was a key contributor to the revenue performance, with 2024 and Q1 2025 net interest income growing by 4.6% and 17.8% year-on-year, respectively [2]. - Other non-interest income saw a substantial increase of 31% in 2024 but declined by 11% in Q1 2025, impacting overall revenue growth [2][6]. - The bank's proactive provisioning efforts aimed at maintaining asset quality negatively impacted profit growth by 2.3% in 2024 and 2.9% in Q1 2025 [2][7]. Loan Growth and Structure - Loan growth remained robust, with a year-on-year increase of 14.3% in Q4 2024 and 14.6% in Q1 2025, driven primarily by retail lending [4][5]. - In 2024, approximately 1.6 billion yuan in new loans were issued, with over 1.2 billion yuan directed towards corporate lending in key sectors such as technology and green finance [4][5]. - The bank's branch network expanded to 290 locations by the end of 2024, with a focus on enhancing service delivery in key urban areas [5]. Interest Margin and Cost of Funds - The bank's interest margin for 2024 was estimated at 1.34%, a slight decrease of 10 basis points year-on-year, while Q1 2025 saw a marginal increase to 1.44% [6]. - The decline in funding costs contributed to the stabilization of the interest margin, with funding costs dropping to 2.31% in the second half of 2024 [6][7]. Asset Quality and Capital Adequacy - Nanjing Bank maintained a leading position in asset quality, with a stable NPL ratio and a slight increase in the attention rate [7]. - The core Tier 1 capital adequacy ratio fell to 8.89% in Q1 2025, indicating potential capital pressure amid rapid asset growth [3][7]. - The bank's proactive approach to asset disposal has helped maintain overall asset quality despite some challenges in the retail segment [7]. Investment Outlook - The strong performance in Q1 2025 sets a solid foundation for the year, with expectations for sustainable profit improvement driven by volume growth and stable pricing [8]. - The bank's projected net profit growth rates for 2025-2027 are 8%, 9.2%, and 9.4%, respectively, reflecting a cautious adjustment in profit forecasts [8].

Investment Rating - The report maintains a "Buy" rating for Nanjing Bank (601009.SH) with a current price of 10.44 CNY [1]. Core Insights - Nanjing Bank reported a resilient performance with a 2024 revenue of 50.3 billion CNY, up 11.3% year-on-year, and a net profit of 20.2 billion CNY, up 9.1% year-on-year. The annualized return on equity (ROE) for 2024 was 12.97%, a slight decline of 0.15 percentage points [4][12]. - For Q1 2025, the bank achieved a revenue of 14.2 billion CNY, reflecting a 6.5% year-on-year growth, and a net profit of 6.1 billion CNY, up 7.1% year-on-year, with an annualized ROE of 15.2%, down 0.76 percentage points [4][12]. Summary by Sections Financial Performance - In 2024, Nanjing Bank's revenue and net profit growth rates were 11.3% and 9.1%, respectively. For Q1 2025, these figures were 6.5% and 7.1%. The bank's net interest income and non-interest income growth rates were 4.6% and 20% for 2024, while for Q1 2025, they were 17.8% and -4.5% [5][6]. Loan and Asset Growth - As of Q1 2025, the bank's interest-earning assets and loans grew by 19.4% and 14.7% year-on-year, respectively. The total new loans for 2024 were 157.3 billion CNY, with Q1 2025 contributing 89.7 billion CNY. The bank maintained a strong focus on corporate and retail loans, with significant growth in technology and green sectors [6][7]. Deposit and Liability Management - By the end of Q1 2025, the bank's interest-bearing liabilities and deposits grew by 16.3% and 16.7% year-on-year, respectively. The bank added 161.1 billion CNY in deposits during Q1 2025, with a notable increase in both corporate and personal term deposits [7][8]. Net Interest Margin (NIM) - The bank's NIM for 2024 was reported at 1.94%, with a slight decline observed. The bank's interest-earning asset yield and cost of interest-bearing liabilities showed a downward trend, but the decline in NIM has been moderating [8][9]. Non-Interest Income - In Q1 2025, non-interest income decreased by 4.5% year-on-year, accounting for 45.4% of total revenue. The bank's net fee and commission income increased by 18%, while other non-interest income saw a decline [9][10]. Asset Quality - Nanjing Bank maintained a low non-performing loan (NPL) ratio of 0.83% as of the end of 2024, with a strong risk coverage capability. The bank's NPL balance increased by 5.2 billion CNY in 2024, with a notable increase in credit impairment losses in Q1 2025 [10][11]. Capital Adequacy - As of Q1 2025, the bank's core tier 1 capital ratio was 8.9%, with significant shareholder confidence reflected in recent share purchases. The bank's dividend payout ratio has remained around 30% [11][12]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025-2027 has been adjusted to 2.00, 2.13, and 2.21 CNY, respectively. The current price-to-book (PB) and price-to-earnings (PE) ratios indicate attractive valuation levels [12][14].

南京银行(601009) 报告日期：2025 年 04 月 22 日 南京银行业绩增速、收入结构和资产质量均超预期，核心营收快速增长，资产 质量继续改善。 数据概览 2025Q1 营收同比增长 6.5%，增速较 24A 下降 4.8pc；利润同比增长 7.1%，增速 较 24A 下降 2pc。2025Q1 末不良率 0.83%，持平于 24A 末水平；2025Q1 末拨备 覆盖率 324%，较 24A 末下降 12pc。 核心营收高增 南京银行 25Q1 营收利润超预期，营收和利润增速均落在 5%以上增长区间。 2025Q1 南京银行营收同比增长 6.5%，归母净利润同比增长 7.1%。其中： ①南京银行利息净收入改善幅度超预期，25Q1 南京银行利息净收入同比增长 17.8%，增速较 24A提升 13pc。背后得益于规模增速提升和息差同比稳定。25Q1 生息资产同比增长 19.4%，增速较 24Q4 末提升 4.9pc，其中贷款和债券规模增长 均进一步提速；测算 25Q1 单季息差（期初期末）1.41%，同比 24Q1 略高 1bp。 ②中收实现高增，25Q1 中收同比增长 18%，判断主要得益于理财和代销 ...

南京银行(601009) 报告日期：2025 年 04 月 22 日 增速质量双优 ——南京银行 2024 年年报及 2025 年一季报点评 投资要点 南京银行业绩增速、收入结构和资产质量均超预期，核心营收快速增长，资产 质量继续改善。 数据概览 2025Q1 营收同比增长 6.5%，增速较 24A 下降 4.8pc；利润同比增长 7.1%，增速 较 24A 下降 2pc。2025Q1 末不良率 0.83%，持平于 24A 末水平；2025Q1 末拨备 覆盖率 324%，较 24A 末下降 12pc。 南京银行 25Q1 营收利润超预期，营收和利润增速均落在 5%以上增长区间。 2025Q1 南京银行营收同比增长 6.5%，归母净利润同比增长 7.1%。其中： ①南京银行利息净收入改善幅度超预期，25Q1 南京银行利息净收入同比增长 17.8%，增速较 24A提升 13pc。背后得益于规模增速提升和息差同比稳定。25Q1 生息资产同比增长 19.4%，增速较 24Q4 末提升 4.9pc，其中贷款和债券规模增长 均进一步提速；测算 25Q1 单季息差（期初期末）1.41%，同比 24Q1 略高 1bp。 ②中 ...

经核查，我们认为安永华明会计师事务所（特殊普通合伙） 在担任公司审计机构并进行财务报告审计和内部控制审计过程 中，坚持以公允、客观的态度进行独立审计，很好地履行了审计 机构的责任与义务，我们同意继续聘任安永华明会计师事务所 （特殊普通合伙）为公司 2025 年度外部审计机构，并同意将该 议案提交公司第十届董事会第九次会议审议。 南京银行股份有限公司独立董事 强莹、余瑞玉、俞红海、沈永明 二〇二五年四月二十一日 南京银行股份有限公司独立董事 关于续聘会计师事务所的事前认可意见 我们作为南京银行股份有限公司（以下简称"公司"）独立 董事，本着认真负责的态度，在了解相关情况的基础上，经过审 慎考虑，发表如下事前认可意见： ...

南京银行股份有限公司独立董事 关于给予部分关联方 2025 年度日常关联交易 预计额度的事前认可声明 根据《上海证券交易所股票上市规则》等要求，我们对于南 京银行股份有限公司（以下简称"公司"）给予部分关联方 2025 年度日常关联交易预计额度的关联交易事项做如下声明： 公司给予的部分关联方 2025 年度日常关联交易预计额度属 于银行正常经营范围内发生的常规业务，其定价原则应与独立第 三方一致，并同意提交公司第十届董事会第九次会议审议。 南京银行股份有限公司独立董事 强莹、余瑞玉、俞红海、沈永明 二〇二五年四月二十一日 ...

南京银行股份有限公司独立董事 2024 年度述职报告 南京银行独立董事 强莹 1 独立董事，并同时当选董事会提名及薪酬委员会主任委员、审计 委员会委员及关联交易控制委员会委员。 本人符合相关法律法规、监管规章关于上市公司和商业银行 独立董事任职资格条件的规定，已由上海证券交易所备案审查， 并获得银行业监督管理机构任职资格核准。 （二）不存在影响独立性的情况 本人不在南京银行担任除独立董事以外的其他职务，与南京 银行及其主要股东不存在直接或者间接利害关系，或者其他可能 影响其进行独立客观判断关系；独立履行职责，不受南京银行及 其主要股东等单位或者个人的影响。 2024 年，本人对独立性情况进行了自查，确认已满足适用 的各项监管规定中对于出任南京银行独立董事所应具备的独立 性要求。 根据《上市公司独立董事管理办法》及《南京银行股份有限 公司独立董事制度》，本人作为南京银行独立董事，现向董事会 和股东大会提交年度述职报告，对履行职责的情况进行说明。具 体报告如下： 一、基本情况 （一）工作履历、专业背景以及兼职情况 本人强莹，女，1964 年 5 月 1 日出生。1988 年毕业于南京 大学国际商学院，1989 年 ...

南京银行股份有限公司 独立董事对相关事项的独立意见 根据《公司法》《银行保险机构公司治理准则》《上市公司 独立董事管理办法》及《南京银行股份有限公司章程》（以下简 称"《公司章程》"）的有关规定，我们作为南京银行股份有限 公司（以下简称"公司"）的独立董事，本着公开、公平、客观 的原则，对公司第十届董事会第九次会议的相关议案发表独立意 见如下： 一、关于公司 2024 年度利润分配预案的独立意见 我们对公司 2024 年度利润分配预案发表独立意见如下： 公司 2024 年度的利润分配预案符合证监会《上市公司监管 指引第 3 号——上市公司现金分红》以及《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》的要求，保持了连续性 和稳定性，兼顾了公司全体股东的整体利益和公司的可持续发 展。 我们同意董事会拟订的利润分配预案，并同意提交股东大会 审议。 二、关于公司续聘会计师事务所的独立意见 我们对公司续聘会计师事务所发表独立意见如下： 公司聘请安永华明会计师事务所（特殊普通合伙）为公司 2025 年度财务报告审计会计师事务所和 2025 年度内部控制审计 会计师事务所的决策程序，符合《中华人民共和国公司法 ...

Contents 目录 一、开篇 | 编制说明 | 02 | | --- | --- | | 领导致辞 | 04 | | 关于我们 | 06 | | 公司简介 | 06 | | 企业文化 | 06 | | 组织架构 | 08 | | 数说2024 | 08 | | 荣誉回顾 | 10 | 二、可持续发展管理 | （一）负责任银行原则 | 13 | | --- | --- | | （二）可持续发展目标 | 14 | | （三）利益相关方沟通 | 15 | | （四）重要性议题分析 | 16 | 三、治理篇 | 专题：强化党建引领 | 18 | | --- | --- | | 坚持党的全面领导 | 18 | | 深化党风廉政建设 | 18 | | 扎实开展教育培训 | 19 | | （一）完善公司治理 | 19 | | 1.公司治理体系 | 19 | | 2.强化股权管理 | 20 | | 3.合规信息披露 | 20 | | 4.保障投资者权益 | 20 | | （二）内控合规运营 | 21 | | 1.完善合规体系 | 21 | | 2.遵守商业道德 | 21 | | 3.反洗钱及反诈骗 | 23 | | 4. ...