Core Viewpoint - Ningbo Bank reported strong financial performance for the first half of 2025, with total assets exceeding 3.47 trillion yuan and a focus on high-quality development despite industry challenges [1] Financial Performance - As of the end of June, total assets reached 3.47 trillion yuan, an increase of 11.04% from the beginning of the year [1] - Operating income for the first half of 2025 was 37.16 billion yuan, reflecting a year-on-year growth of 7.91% [1] - Net profit attributable to shareholders was 14.77 billion yuan, up 8.23% year-on-year [1] - The non-performing loan ratio stood at 0.76%, indicating strong asset quality [1] Profit Distribution - The bank announced a mid-year profit distribution plan, proposing a cash dividend of 3 yuan per 10 shares (including tax) [1] Strategic Focus - In response to narrowing interest margins and profitability pressures, the bank adhered to a differentiated operating strategy [1] - The bank emphasized its commitment to customer service and value creation through professional services [1] - Ongoing efforts in digital transformation and risk management were highlighted as key components of the bank's strategy for sustainable growth [1]

Core Viewpoint - The company emphasizes the importance of a stable dividend mechanism as a means to convey operational confidence and strengthen the investment foundation in the market, reflecting its commitment to social responsibility and a mature capital market ecosystem [2] Group 1: Financial Performance - The company has maintained steady growth in operating performance despite various challenges, demonstrating its capability and willingness to distribute development dividends to investors through mid-term dividends [2] - As of June 30, 2025, the total assets reached 34,703.32 billion, an increase of 11.04% from the beginning of the year; total deposits were 20,764.14 billion, up 13.07%; and total loans and advances amounted to 16,732.13 billion, reflecting a growth of 13.36% [4] Group 2: Strategic Focus - The company focuses on the development vision of a smart bank, leveraging financial technology to drive business model upgrades and enhance its ability to serve the real economy, resulting in robust asset growth [3] - The company has upgraded several products to meet market demands, including the Kunpeng Treasury 2.0 and the Financial Manager 2025 version, enhancing their service systems to support digital management for enterprises [5] Group 3: Business Segments - The company operates nine profit centers, including corporate banking, retail banking, wealth management, and investment banking, with subsidiaries like Yongying Fund and Ningyin Consumer Finance contributing to sustainable growth [7] - The company has established a diversified profit center strategy, ensuring collaboration among its various business units for steady growth [7] Group 4: Risk Management - The company has improved asset quality and risk resistance through unified credit policies and an upgraded risk monitoring system, maintaining stable asset quality [12] - As of June 30, 2025, the non-performing loan balance was 12.688 billion, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 374.16%, indicating strong risk management capabilities [14][15] Group 5: Future Outlook - The company anticipates a slowdown in the decline of net interest margins in the second half of 2025 due to improved asset allocation and liability structure optimization [9] - The company plans to continue focusing on risk management, implementing prudent credit policies, and enhancing its credit risk management processes to support key economic sectors [16]

Investment Rating - The report maintains a "Buy" rating for Ningbo Bank [5] Core Views - Ningbo Bank reported a revenue of 37.2 billion and a net profit of 14.8 billion for the first half of 2025, reflecting year-on-year growth of 7.91% and 8.23% respectively [1] - The bank's non-performing loan ratio decreased to below 1%, standing at 0.76% as of Q2 2025, while the provision coverage ratio improved to 374.2% [1][10] - The bank's strategy of optimizing its asset and liability structure has led to a significant increase in demand for current deposits, with the proportion of current deposits rising by 4.5 percentage points to 35.2% in Q2 2025 [3][9] Performance Summary 1. **Financial Performance**: - Revenue and net profit growth rates for H1 2025 were 7.91% and 8.23%, respectively, showing an acceleration compared to Q1 2025 [2] - Net interest income grew by 11.11% year-on-year, although the net interest margin decreased to 1.76% [2] - Non-interest income showed positive growth, with fee and commission income increasing by 4.0% [3] 2. **Asset and Liability Management**: - Total assets reached 3.47 trillion, with loans totaling 1.67 trillion, marking year-on-year growth of 14.4% and 18.7% respectively [4] - The bank's deposit base grew by 12.7% year-on-year, with a net increase of 240.1 billion in H1 2025 [9] 3. **Asset Quality**: - The non-performing loan generation rate for H1 2025 was 0.98%, continuing a downward trend [10] - The bank's ability to cover non-performing loans remains strong, with a provision coverage ratio of 374.16% [10] Future Outlook - The report anticipates that Ningbo Bank will continue to experience high growth in both deposits and loans, with stable interest margins. The pressure from new non-performing loans is expected to ease, leading to a positive performance outlook for the bank [11]

Core Viewpoint - Ningbo Bank's mid-year report for 2025 shows a recovery in performance, with revenue growth of 7.91% year-on-year, pre-provision profit growth of 11.82%, and net profit attributable to shareholders increasing by 8.23% [1] Group 1: Financial Performance - In Q2 2025, Ningbo Bank's performance growth was driven by scale expansion, slower cost expenditure, and tax benefits, while increased provisioning and a continued narrowing of net interest margin negatively impacted net profit growth [1] - The average daily balance of interest-earning assets grew by 18.98% year-on-year in Q2, marking a 1.19 percentage point increase from Q1, indicating a recovery in growth rate over three consecutive quarters [1] - Non-interest income saw a year-on-year increase of 9.4% in Q2, with a significant contribution from wealth management and bond investment returns [6][8] Group 2: Loan and Deposit Trends - In Q2, net new loans amounted to 31.6 billion yuan, with a notable decline in personal loans, particularly in consumer and operational loans, while housing mortgage loans showed some growth due to a recovering real estate market [2] - New general corporate loans reached 35.1 billion yuan in Q2, with a total of 175.6 billion yuan added in the first half of the year, primarily directed towards broad infrastructure sectors [3] - Deposit growth slowed, with a decrease of 106.2 billion yuan in Q2, leading to a year-on-year growth rate of 12.7%, down 7.22 percentage points from Q1 [4] Group 3: Interest Margin and Cost Management - The net interest margin for Q2 was 1.72%, down 13 basis points year-on-year and 8 basis points from the previous quarter, influenced by a decrease in asset yield [4][5] - The cost-to-income ratio improved to 31.64%, a decrease of 2.41 percentage points year-on-year, reflecting effective cost management and operational efficiency [6] Group 4: Asset Quality and Risk Management - The non-performing loan generation rate for the first half of the year was 0.94%, a decrease of 27 basis points year-on-year, indicating stable asset quality [6] - Credit impairment losses increased by 35.5% year-on-year in Q2, impacting profit growth, while the provision coverage ratio slightly improved to 374% [7] Group 5: Future Outlook - The company is expected to see a revenue growth rate of 6.50% and a net profit growth rate of 5.48% for 2025, with a target price of 35.11 yuan, reflecting a 1.0X price-to-book ratio [8]

证券研究报告 | 公司点评报告 2025 年 08 月 29 日 宁波银行（002142.SZ） 营收增速回升，等待宏观 alpha 总量研究/银行 宁波银行披露 2025 年半年报，25H1 营业收入、PPOP、归母利润同比增速分 别为 7.91%、11.82%、8.23%，增速分别较 25Q1 变动+2.28pct、+1.82pct、 +2.47pct。累计业绩驱动上，规模、成本收入比、有效税率下降为主要正贡献， 净息差、中收、其他非息、拨备计提形成负贡献，单季度边际来看，25Q2 手续 费和其他非息业绩拖累幅度均有所收敛，有效税率业绩贡献进一步提升。 核心观点： （1）对公存贷高增。25Q2 末公司总贷款同比增长 18.72%，增速较 25Q1 回落 1.69pct，绝对值仍保持高位，增速回落主要是个人贷款增速进一步放缓。25Q2 末受消费信贷需求疲弱，且公司主动加强风险管控，个人贷款同比增长 2.32%， 增速环比回落 3.82pct，按揭、消费贷、经营贷增速均有所回落，尤其经营贷增 速下降至-10.26%；对公贷款保持 29.07%的高增速，增速较 25Q1 回升 0.23pct， 广义基建、建筑业 ...

8月28日，宁波银行半年报中披露的信息显示，截至2025年6月末，宁银消金总资产701.02亿元，净资产 66.48亿元；报告期内实现营业收入16.86亿元，实现净利润2.50亿元。 （宁波银行） ...

8月28日，宁波银行半年报中披露的信息显示，截至2025年6月末，永赢基金公募规模5,447亿元，其中 非货规模3,586亿元；总资产35.92亿元，净资产27.64亿元；报告期内实现营业收入8.97亿元，实现净利 润1.82亿元。 （宁波银行） MACD金叉信号形成，这些股涨势不错！ ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.11 CNY, compared to the current stock price of 28.29 CNY as of August 28, 2025 [4]. Core Views - The company's performance shows signs of improvement, with revenue growth of 7.91% year-on-year and a net profit increase of 8.23% [1]. - The growth in the second quarter was primarily driven by asset expansion, reduced cost expenditures, and tax incentives, although increased provisioning and a narrowing net interest margin negatively impacted net profit growth [1][15]. - The company is expected to achieve a revenue growth rate of 6.50% and a net profit growth rate of 5.48% for 2025 [15]. Financial Performance Summary - Revenue for 2025 is projected at 70.96 billion CNY, with a revenue growth rate of 6.50% [16]. - The net profit attributable to the parent company is expected to reach 28.61 billion CNY, reflecting a growth rate of 5.48% [16]. - The bank's non-interest income grew by 9.4% year-on-year, indicating a recovery in wealth management and investment income [11]. - The cost-to-income ratio improved to 31.64%, down 2.41 percentage points year-on-year, due to effective cost management [11]. Asset Quality and Risk Management - The non-performing loan generation rate decreased to 0.94% annualized, down 27 basis points year-on-year, indicating improved asset quality [12]. - The bank's provisioning coverage ratio increased slightly to 374%, reflecting a stable credit risk environment [14]. - The overdue rate was reported at 0.89%, showing a slight improvement in credit quality [14]. Loan and Deposit Trends - New loans in the second quarter amounted to 316 billion CNY, with a notable decrease in personal loans due to weak consumer demand [2][3]. - The bank's deposit balance decreased by 1,062 billion CNY in the second quarter, indicating signs of disintermediation [3][10]. - The bank's total loans are projected to reach approximately 1.25 trillion CNY by 2025, with a focus on broad infrastructure sectors [16][44].

证券研究报告 | 2025年08月29日 宁波银行（002142.SZ）2025 年中报点评 优于大市 业绩增速回升，资产质量改善 营收、利润等业绩增速回升。公司此前已披露快报，数据调整不大。公司 2025 年上半年实现营业收入 372 亿元，同比增长 7.9%，增速较一季度回升 2.3 个 百分点；实现归母净利润 148 亿元，同比增长 8.2%，增速较一季度回升 2.4 个百分点。上半年加权平均净资产收益率 13.8%，同比下降 0.9 个百分点。 资产规模稳定增长。2025 年二季度末总资产 3.47 万亿元，同比增长 14.4%， 较年初增长 11.0%。其中二季度末贷款总额 1.67 万亿元，较年初增长 13.4%； 存款总额 2.08 万亿元，较年初增长 13.1%。上半年新增贷款主要来自对公， 零售贷款略有减少；上半年新增存款也主要来自对公，其中对公活期存款较 年初增长 30.8%。二季度末核心一级资本充足率 9.65%，资本充足。 净息差下降。公司披露的上半年日均净息差 1.76%，同比降低 11bps，其中 受市场利率下行、零售贷款占比下降等因素影响，生息资产收益率同比下降 47bps；负债 ...

Core Viewpoint - Ningbo Bank has continuously enhanced its professional service capabilities, creating value for customers while upgrading its business model and optimizing its profit structure, resulting in more diversified sources of income [2][10]. Financial Performance - As of June 30, 2025, Ningbo Bank's total assets exceeded 3.47 trillion yuan, reflecting a growth of 11.04% since the beginning of the year [2][7]. - The bank reported operating income of 37.16 billion yuan for the first half of 2025, a year-on-year increase of 7.91% [11]. - Net profit attributable to shareholders reached 14.77 billion yuan, up 8.23% year-on-year [11]. - The non-performing loan (NPL) ratio stood at 0.76%, maintaining a strong asset quality compared to industry standards [2][15]. Business Model and Profit Centers - Ningbo Bank has established a diversified profit center structure, including nine profit centers within the bank and four subsidiaries, focusing on various financial services such as corporate banking, retail banking, wealth management, and investment banking [10][11]. - The bank's non-interest income amounted to 11.43 billion yuan, accounting for 30.77% of total operating income [11]. Risk Management - The bank has maintained a robust risk management framework, with a non-performing loan balance of 12.69 billion yuan and a provision coverage ratio of 374.16% as of June 30, 2025 [15]. - Capital adequacy ratios are strong, with a total capital adequacy ratio of 15.21% and a core tier 1 capital ratio of 9.65% [15]. Future Outlook - In the second half of 2025, Ningbo Bank aims to uphold its commitment to serving the public, focusing on customer differentiation needs and enhancing its core competitiveness through professional services [16].