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].

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].

Core Viewpoint - Nanjing Bank's performance in Q1 2025 exceeded expectations in terms of growth rate, revenue structure, and asset quality, with core revenue experiencing rapid growth and continued improvement in asset quality [1]. Financial Overview - In Q1 2025, Nanjing Bank's revenue grew by 6.5% year-on-year, while profit increased by 7.1%, with both growth rates declining by 4.8 percentage points and 2 percentage points compared to 2024 [2]. - The non-performing loan (NPL) ratio at the end of Q1 2025 was 0.83%, remaining stable compared to the end of 2024, while the provision coverage ratio was 324%, down by 12 percentage points from the end of 2024 [2]. Core Revenue Growth - Nanjing Bank's revenue and profit growth in Q1 2025 were both above 5%, driven by significant improvements in net interest income and non-interest income [3][4]. - Net interest income increased by 17.8% year-on-year in Q1 2025, with a 13 percentage point improvement compared to 2024, supported by growth in earning assets and stable interest margins [4]. - Non-interest income also saw a high growth of 18% year-on-year, primarily due to strong performance in wealth management and distribution services [4]. Interest Margin Improvement - The interest margin for Q1 2025 increased by 6 basis points from Q4 2024 to 1.41%, attributed to faster growth in earning assets compared to interest-bearing liabilities [5]. - Earning assets grew by 19.4% year-on-year, while interest-bearing liabilities increased by 16.4% [5]. Asset Quality Improvement - The static indicators showed that the NPL ratio remained at 0.83% at the end of Q1 2025, with a slight decrease in the attention ratio to 1.15% [6]. - The dynamic indicators indicated an improvement in the NPL generation rate, with a year-on-year decrease from 1.49% in 2023 to 1.46% in 2024 [6]. - The corporate NPL ratio increased, particularly in the real estate sector, while retail NPLs improved due to significant write-offs [6]. Profit Forecast and Valuation - Nanjing Bank's net profit is projected to grow by 8.09%, 7.03%, and 6.80% from 2025 to 2027, with corresponding book values per share of 15.70, 17.12, and 18.63 yuan [7]. - The current price corresponds to a price-to-book (PB) ratio of 0.67, 0.61, and 0.56 for 2025-2027, with a target price of 14.26 yuan per share, indicating a potential upside of 37% [7].

业绩回顾 2024 年及1Q25 业绩基本符合我们预期 南京银行发布2024&1Q25 业绩：2024 年全年营收同比增长11%，归母净利润同比增长9%，与此前业绩 快报一致；1Q25 营收同比+7%（净利息收入+18%、净手续费收入+18%、其他非息收入-11%），归母 净利润同比+7%，保持较好的业绩增长水平，主要来自资产规模扩张速度较快、息差同比微增。展望未 来，考虑到1Q25 已积累一定资产投放基础，我们预计在其他非息收入同比下降的假设下，2025 年营收 或仍可实现5%左右的正增长，支撑净利润增速在7%左右。 发展趋势 资产规模扩张速度超预期，为营收增长提供基本保障。1Q25 末分别同比增长15%/15%/ 17%，较此前加 速，超出我们和市场预期。我们预计规模增长主要来自区域韧性以及公司本地经营优势。2H24 消费 贷、租赁商务服务业、水利环境及公共设施业贷款增量占比较高，分别为53%/25%/22%。 1Q25 对公贷款增量占比91%，零售贷款增量占比9%、较1Q24 的0%有所提升，或由于按揭提前还款边 际减少。 1Q25 息差季度环比改善，主要来自负债成本下降。我们估算4Q24 息差季度环比 ...

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 ...