Core Viewpoint - Ningbo Bank has achieved simultaneous growth in scale, efficiency, and quality in the first half of 2025, with core financial indicators leading the industry, driven by a differentiated business strategy and significant financial technology innovations [1][2]. Financial Performance - In the first half of 2025, Ningbo Bank reported a net profit attributable to shareholders of 14.838 billion yuan, a year-on-year increase of 8.37% [1]. - The total asset size reached 3.47 trillion yuan, growing by 11.04% since the beginning of the year, maintaining a leading position among city commercial banks [1]. - Operating income was 37.160 billion yuan, up 7.91% year-on-year, with an annualized weighted average return on equity (ROE) of 13.80%, significantly above the industry average [1]. Asset Quality - As of June 2025, the non-performing loan (NPL) ratio was 0.76%, maintaining an excellent level in the industry for several consecutive years [2]. - The provision coverage ratio stood at 374.16%, indicating strong risk resistance capabilities [2]. - The bank successfully issued 8.9 billion yuan in subordinated debt, optimizing its capital structure [2]. Strategic Focus - Ningbo Bank emphasizes a differentiated service matrix to deepen its engagement with the real economy, focusing on professional capabilities and scenario innovation [5]. - The bank has increased support for the real economy, with corporate loan balances reaching 658.1 billion yuan, a year-on-year increase of 28.48% [5]. - Green loan balances grew by 36.17% year-on-year to 68.814 billion yuan, supporting the "dual carbon" goals [5]. Digital Transformation - The bank's digital service capabilities have reached an industry-leading level, with mobile banking customers totaling 13.68 million and monthly active users at 5.56 million [7]. - The financial market segment achieved steady growth, with a financial investment scale of 15 trillion yuan [6]. - The bank has integrated financial technology as a core driver, enhancing service models and expanding its digital ecosystem [6][7]. Future Outlook - Ningbo Bank plans to continue focusing on enhancing service efficiency for the real economy, increasing credit resources in key areas, and deepening the integration of financial technology with business operations [9]. - The bank aims to maintain a robust risk management framework to ensure asset quality remains excellent [9]. - The commitment to a "professional creates value" philosophy is expected to drive sustainable value growth and contribute to high-quality development [10].

Core Viewpoint - Nearly half of the 42 listed banks in A-shares will implement mid-term dividends for 2025, with 17 banks already disclosing their dividend plans, marking a significant trend in the banking sector [1][4]. Group 1: Dividend Announcements - China Merchants Bank plans to distribute a cash dividend amounting to 35% of its net profit attributable to ordinary shareholders for the first half of 2025, with distribution scheduled between January and February 2026 [1]. - Changsha Bank's board approved a mid-term dividend plan, proposing a cash dividend of 2.00 yuan (including tax) per 10 shares, totaling 804 million yuan [1]. - Ningbo Bank announced a cash dividend of 3 yuan (including tax) per 10 shares, amounting to 1.981 billion yuan, which represents 13.41% of its net profit attributable to the parent company [1]. - Su Nong Bank plans to distribute a cash dividend of 0.09 yuan (including tax) per share, totaling 182 million yuan, which is 15.42% of its net profit for the first half of 2025 [2]. - Zhangjiagang Bank intends to distribute a cash dividend of 1.0 yuan (including tax) per 10 shares, with the total amount dependent on the total share capital at the time of distribution [4]. - Jiangyin Bank's mid-term dividend proposal was approved by its board, with details disclosed alongside its half-year report [4]. - Changshu Bank's mid-term dividend plan includes a cash dividend of 0.15 yuan (including tax) per share, totaling 497 million yuan, which is 25.27% of its net profit for the first half of 2025 [4]. Group 2: Market Analysis - Analysts believe that high dividends, low valuations, and stable Return on Equity (ROE) are key factors attracting long-term capital to bank stocks [4]. - Increasing dividend ratios or frequencies can effectively enhance investor confidence and promote valuation recovery for banks [4]. - Banks' dividend policies must balance regulatory capital adequacy requirements with their own business expansion needs [4].

Group 1 - The company,交银施罗德基金管理有限公司, has announced the addition of 宁波银行股份有限公司 as a sales institution for its funds starting from September 1, 2025 [1][2][3] - The announcement includes a note that the specific details regarding the sales processes, types of business, and any fee discount activities will be determined by the sales institution and its branches, in compliance with the fund contract and prospectus [2][5] - Investors can consult for more details through 宁波银行 and 交银施罗德基金管理有限公司 via their respective customer service numbers and websites [2][6] Group 2 - The company has also announced the addition of 珠海盈米基金销售有限公司 as a sales institution for its funds, effective from September 1, 2025 [4][5][7] - Similar to the previous announcement, it is noted that the specific details regarding sales processes and fee discounts will be subject to the arrangements of the sales institution [5][6] - Investors can reach out to 珠海盈米基金销售有限公司 and 交银施罗德基金管理有限公司 for further inquiries through their customer service channels [6][7]

执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 分析师：马志豪 执业证书编号：S0740523110002 城商行Ⅱ 执业证书编号：S0740517030004 Email：daizf@zts.com.cn Email：mazh@zts.com.cn | 总股本(百万股) | 6,603.59 | | --- | --- | | 流通股本(百万股) | 6,599.89 | | 市价(元) | 28.22 | | 市值(百万元) | 186,353.33 | | 流通市值(百万元) | 186,248.82 | 2025-02-06 2024-08-31 详解宁波银行 2025 中报： 营收利润增速提升，资产质量稳健 宁波银行（002142.SZ） 证券研究报告/公司点评报告 2025 年 09 月 01 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E ...

Core Viewpoint - Ningbo Bank reported a year-on-year revenue growth of 7.9% for the first half of 2025, with a net profit growth of 8.2%, indicating a positive trend in both revenue and profit generation [1] Revenue Summary - Revenue growth was primarily driven by non-interest income contributions, with net interest income increasing by 11.1% year-on-year [1] - Non-interest income showed improvement, with a year-on-year growth of 1.3%, recovering from a decline of 5.8% in the first quarter of 2025 [1][3] Profit Summary - The net profit attributable to shareholders increased by 8.2% year-on-year, up from 5.8% in the first quarter of 2025 [1] - Contributions to profit growth came from scale, fees, and other non-interest income, while the contributions from interest margin, costs, and provisions saw a marginal decline [1] Interest Income and Asset Quality - The annualized net interest margin decreased by 9 basis points to 1.69%, with asset yields declining by 20 basis points to 3.43% due to insufficient demand [2] - The non-performing loan ratio remained stable at 0.76%, with a cumulative non-performing loan generation rate of 1.05% for the first half of the year [3] Loan and Deposit Trends - New loans in the second quarter of 2025 totaled 33.044 billion, a decrease of 14.174 billion year-on-year, with corporate loans showing positive growth [2] - Total deposits decreased by 106.19 billion in the second quarter, with a notable shift in the composition of deposits towards corporate deposits [2] Non-Interest Income - Non-interest income showed a positive trend, with net fee income growing by 4.0% year-on-year, recovering from a decline in the previous quarter [3] Profit Forecast - The profit forecasts for 2025, 2026, and 2027 have been adjusted to 28.55 billion, 30.55 billion, and 32.91 billion respectively, reflecting a slight downward revision [3] Investment Recommendation - The bank is characterized by a flexible market mechanism and excellent management, which are key factors for its growth potential [3] - The bank's asset quality is robust, having withstood economic cycles, and it is recommended to maintain a "buy" rating [3]

Core Insights - The company achieved robust revenue and profit growth in H1 2025, with operating income reaching 37.16 billion yuan, a year-on-year increase of 7.91%, and net profit attributable to shareholders at 14.77 billion yuan, up 8.23% [1] - The company's strong performance is attributed to robust asset expansion, narrowing interest margin decline, and optimized business costs [1][2] Financial Performance - In H1 2025, net interest income was 25.73 billion yuan, reflecting an 11.11% year-on-year growth, with Q2 showing a 10.63% increase [2] - The net interest margin for H1 2025 was 1.76%, down 10 basis points from 2024, but improved by 4 basis points from Q1 2025 [2] - Total loans reached 1,673.21 billion yuan by the end of June, a 13.36% increase from the beginning of the year, with corporate loans growing by 21.34% [2] - Total deposits amounted to 2,076.41 billion yuan, a 13.07% increase year-to-date, with corporate deposits up 15.44% and personal deposits up 6.66% [2] Wealth Management and Investment Income - Non-interest income for H1 2025 was 11.43 billion yuan, a 1.34% increase, with net commission income rising by 4.04% [3] - Investment income reached 8.38 billion yuan, a significant increase of 32.26%, despite a loss in fair value changes of 481 million yuan [3] Asset Quality and Risk Management - The non-performing loan ratio remained stable at 0.76%, with a coverage ratio of 374.16%, indicating strong risk mitigation capabilities [3] - The core Tier 1 capital adequacy ratio was 9.65%, slightly down by 19 basis points due to loan expansion consuming capital [3] Investment Outlook - The company has a strong competitive position in the economically developed Yangtze River Delta region, with a well-diversified profit center layout [4] - The narrowing interest margin decline and strong loan and deposit growth support stable performance, with a mid-term dividend plan enhancing investor returns [4] - The forecast for book value per share (BVPS) for 2025-2027 is 35.19, 38.52, and 43.12 yuan, corresponding to current price-to-book ratios of 0.80X, 0.73X, and 0.65X [4]

Core Viewpoint - The mid-term profit distribution plans of listed banks in A-shares for 2025 show a significant increase in total dividends, reaching 237.54 billion yuan, with state-owned banks being the primary contributors [2][3][4]. Group 1: Dividend Distribution Overview - Among 42 listed banks, 17 have announced their mid-term dividend plans for 2025, with a total dividend amount of 237.54 billion yuan [2][3]. - The six major state-owned banks contributed 204.66 billion yuan, accounting for 86% of the total dividends announced by the 17 banks [3][4]. - Industrial and Commercial Bank of China leads with a dividend of 50.40 billion yuan, followed by China Construction Bank and Agricultural Bank of China with 48.61 billion yuan and 41.82 billion yuan respectively [3][4]. Group 2: Factors Influencing Dividend Decisions - The ability of state-owned banks to distribute dividends is supported by their strong capital strength, stable profitability, and ample cash flow, allowing them to maintain high dividend payouts [4][9]. - The decision to distribute dividends is influenced by a balance of capital adequacy, business expansion needs, regulatory requirements, and shareholder return expectations [4][9][10]. - Some banks, such as Zhengzhou Bank and Qingdao Rural Commercial Bank, have explicitly stated they will not distribute dividends for the first half of 2025, citing performance pressures and capital replenishment needs [8][9]. Group 3: Trends in Dividend Distribution - The trend of increasing mid-term and quarterly dividends among listed banks has been noted since the introduction of the new "National Nine Articles" policy, which encourages multiple dividend distributions within a year [2][4]. - Several joint-stock banks, including CITIC Bank and Minsheng Bank, have announced their mid-term dividend plans, with CITIC Bank aiming for a dividend payout ratio of 30.7% [4][6]. - The distribution landscape shows a clear differentiation, with some banks actively pursuing dividends while others pause due to various operational challenges [8][9].

Core Viewpoint - The article highlights the significant increase in mid-term dividends announced by various A-share listed banks, reflecting their commitment to returning value to investors amid a strong performance in the banking sector in the first half of the year [1][2]. Summary by Sections Mid-term Dividends Announcement - As of August 30, at least 21 A-share listed banks have announced plans for mid-term dividends for 2025, with 17 banks disclosing specific dividend proposals [2]. - Notably, seven banks, including China Merchants Bank and Changshu Bank, are implementing mid-term dividends for the first time since their listings [2][4]. Dividend Details - The total cash dividend amount from the major state-owned banks (ICBC, ABC, CCB, BOC, CMB, and PSBC) is 204.657 billion yuan [2]. - ICBC leads with a dividend of 1.414 yuan per 10 shares, totaling 50.396 billion yuan [2]. - China Merchants Bank, known as the "King of Retail," has a dividend payout ratio of 35%, amounting to 26.226 billion yuan [2][5]. - Other banks like CITIC Bank and Ping An Bank have also confirmed their mid-term dividends, with CITIC Bank's total reaching 10.46 billion yuan and a payout ratio of 30.7% [2]. Implications of Mid-term Dividends - The implementation of mid-term dividends is seen as a response to the new "National Nine Articles" and related requirements from the China Securities Regulatory Commission, aimed at enhancing investor confidence and stabilizing stock prices [5]. - Experts emphasize that while increasing the frequency of dividends is beneficial, the focus should be on maintaining a balance between short-term payouts and long-term growth [5]. Market Outlook - Analysts from CITIC Securities note that the banking sector is experiencing a gradual improvement in performance, with expectations for continued positive trends in subsequent quarters [6]. - The sector is undergoing a net asset revaluation process, and while there is potential for recovery, the market may experience volatility without sustained inflows of investment funds [6].

Core Viewpoint - Ningbo Bank released its 25H1 semi-annual report, showing revenue, PPOP, and net profit growth rates of 7.9%, 11.8%, and 8.2% year-on-year, with increases of +2.3pct, +1.8pct, and +2.5pct compared to 25Q1 [1] Financial Performance - Revenue growth of 7.9%, PPOP growth of 11.8%, and net profit growth of 8.2% year-on-year [1] - Significant contributions from scale growth, lower cost-to-income ratio, and decreased effective tax rate, while net interest margin contraction, non-interest income decline, and provisioning were major drags [1] Capital and Dividends - As of the end of 25Q2, the core Tier 1 capital adequacy ratio was 9.65%, up 0.33% from 25Q1, benefiting from interest rate declines and increased OCI gains [1] - The company announced an interim cash dividend of 0.3 CNY per share, representing 13.41% of net profit attributable to shareholders [1] Asset Growth - As of 25H1, interest-earning assets and loans grew by 14.9% and 18.7% year-on-year, respectively [2] Loan Structure - The company shifted its customer base strategy, reducing retail loan scale while increasing infrastructure loans [3] - Personal loan scale decreased by 22.4 billion CNY compared to the beginning of the year, with corporate loans accounting for 89.1% of total loan growth [3] Provisioning and Asset Quality - As of 25Q2, the non-performing loan ratio was 0.76%, stable compared to the previous quarter, with a provisioning coverage ratio of 374%, up 4pct [3] - The company reported a non-performing loan generation rate of 1.05% for 25H1, a year-on-year decrease of 23bp [3] Non-Interest Income - Net fee and commission income grew by 4% year-on-year in 25H1, with a quarter-on-quarter increase of 5.4pct, driven by wealth management and asset management income [3] Tax Rate - The effective tax rate for 25H1 was 7.56%, down 4.43pct year-on-year, contributing positively to performance [3] Interest Margin - The net interest margin for 25H1 was 1.76%, narrowing by 4bp from 25Q1 [4] - Asset yield decreased by 47bp since the beginning of the year, while the cost of liabilities dropped by 27bp compared to 24A [4] Profit Forecast - The company expects net profit growth rates of 10.6% and 11.5% for 25 and 26, respectively, with EPS of 4.39 and 4.91 CNY per share [4] - Current stock price corresponds to PE ratios of 6.45X and 5.76X for 25 and 26, respectively, with a reasonable value of 33.31 CNY per share based on a 1.00x PB [4]

Financial Performance - In the first half of 2025, the company achieved operating income of 371.60 billion RMB, representing a year-on-year increase of 7.91% [1] - The net profit attributable to shareholders of the parent company was 147.72 billion RMB, reflecting an 8.23% year-on-year growth [1] - Non-interest income amounted to 114.34 billion RMB, accounting for 30.77% of total operating income [1] Asset and Loan Metrics - As of June 30, 2025, the company's total assets reached 3.47 trillion RMB, an increase of 11.04% since the beginning of the year [2] - Total deposits were 2.08 trillion RMB, up 13.07% from the start of the year [2] - Total loans and advances amounted to 1.67 trillion RMB, marking a 13.36% increase year-to-date [2] - The non-performing loan balance stood at 12.688 billion RMB, with a non-performing loan ratio of 0.76% [2] - The provision coverage ratio was 374.16%, with a capital adequacy ratio of 15.21% [2] Leadership - The chairman of the company is Lu Huayu, who is over sixty years old and holds a master's degree [3] - Lu Huayu has held various positions in the Ningbo municipal government and has been the chairman of the company since January 2005 [3] Compensation - Lu Huayu's compensation from 2020 to 2024 was 2.90 million RMB, 2.95 million RMB, 2.95 million RMB, 2.75 million RMB, and 2.75 million RMB respectively [4] - The industry average compensation during the same period was lower than that of Lu Huayu, indicating a competitive compensation structure [4]