证券代码：002142 证券简称：宁波银行 公告编号：2024-047 优先股代码：140001、140007 优先股简称：宁行优01、宁行优02 宁波银行股份有限公司 第一期优先股股息发放实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 一、股息派发方案 宁波银行股份有限公司（以下简称"公司"）第一期优先股（以 下简称"宁行优 01"，代码 140001）股息发放方案已获公司 2024 年 10 月 28 日召开的第八届董事会第五次临时会议审议通过。现将 宁行优 01 股息发放具体实施事项公告如下： 1、发放金额：本次股息发放的计息起始日为 2023 年 11 月 16 日，按照宁行优 01 票面股息率 4.68%计算，每股发放现金股息人 民币 4.68 元（含税），合计人民币 22,698 万元（含税）。 2、发放对象：截至 2024 年 11 月 15 日深圳证券交易所收市后， 在中国证券登记结算有限责任公司深圳分公司登记在册的全体宁 行优 01 股东。 3、扣税情况：每股税前发放现金股息人民币 4.68 元。根据国 家税法的有关规定： （1） ...

Investment Rating - The report maintains a "Strong Buy" rating for Ningbo Bank [7][12]. Core Views - Ningbo Bank's Q3 2024 report shows a revenue of 50.75 billion yuan (YOY +7.4%) and a net profit of 20.71 billion yuan (YOY +7.0%), with an annualized ROE of 14.51%, down 1.43 percentage points year-on-year [1][11]. - The bank's net interest income increased by 16.9% year-on-year, driven by a 19.6% increase in loans, indicating strong credit market expansion capabilities [3][12]. - The bank's cost-to-income ratio improved to 33.4%, down 3.8 percentage points year-on-year, due to effective expense management [5][12]. - Non-performing loan ratio remained low at 0.76%, with a provision coverage ratio of 404.1%, indicating strong risk mitigation capacity [6][12]. Summary by Sections Financial Performance - Q3 2024 revenue and profit growth rates improved sequentially to 8.1% and 10.2%, respectively, compared to the first half of 2024 [2][11]. - The bank's total revenue for the first three quarters was 150.75 billion yuan, with a net profit of 62.13 billion yuan [1][11]. Credit and Interest Income - The bank's loan growth was robust at 19.6%, with a yield on interest-earning assets of 4.01% in Q3, reflecting strong credit market capabilities [3][12]. - The net interest margin for the first three quarters was reported at 1.85%, showing signs of stabilization [3][12]. Non-Interest Income - Non-interest income decreased by 30.3% year-on-year, primarily due to a decline in agency business revenue, which constitutes nearly 80% of non-interest income [4][12]. - Other non-interest income components showed a slight increase of 0.3% year-on-year [4][12]. Cost Management - Effective cost control led to a 21.7% year-on-year increase in pre-provision profit for Q3, with expenses down 11% year-on-year [5][12]. Asset Quality - The non-performing loan ratio remained stable at 0.76%, with a slight increase in the ratio of loans under watch to 1.08% [6][12]. - The provision coverage ratio decreased to 404.8%, down 15.7 percentage points from the previous quarter, but the bank's risk absorption capacity remains strong [6][12].

证券代码：002142 证券简称：宁波银行 公告编号：2024-046 优先股代码：140001、140007 优先股简称：宁行优01、宁行优02 宁波银行股份有限公司 第二期优先股股息发放实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 宁波银行股份有限公司（以下简称"公司"）第二期优先股（以 下简称"宁行优 02"，代码 140007）股息发放方案已获公司 2024 年 10 月 28 日召开的第八届董事会第五次临时会议审议通过。现将 宁行优 02 股息发放具体实施事项公告如下： 一、股息派发方案 1、发放金额：本次股息发放的计息起始日为 2023 年 11 月 7 日，按照宁行优 02 票面股息率 4.50%计算，每股发放现金股息人 民币 4.5 元（含税），合计人民币 45,000 万元（含税）。 2、发放对象：截至 2024 年 11 月 6 日深圳证券交易所收市后， 在中国证券登记结算有限责任公司深圳分公司登记在册的全体宁 行优 02 股东。 3、扣税情况：每股税前发放现金股息人民币 4.5 元。根据国 家税法的有关规定： （1）对于持有 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and profit growth rates are marginally increasing, primarily driven by interest income [1] - For the first three quarters of 2024, the company's revenue and net profit attributable to shareholders increased by 7.45% and 7.02% year-on-year, respectively [1] - The net interest income grew by 16.91% year-on-year, indicating a steady increase in interest business over four consecutive quarters [1] - The company is expected to benefit from macroeconomic recovery and valuation restoration in the upcoming periods [4] Financial Performance Summary - In Q3 2024, the company's total assets, interest-earning assets, and loan scale grew by 14.88%, 14.91%, and 20.29% year-on-year, respectively [1] - The loan structure shows a year-on-year increase of 22.46% for corporate loans and 15.2% for personal loans in Q3 2024 [1] - The company maintained a non-performing loan ratio of 0.76%, with a provision coverage ratio of 404.8%, indicating strong asset quality [3] - The company expects revenue growth of 7.85%, 6.85%, and 6.19% for 2024, 2025, and 2026, respectively, with net profit growth of 10.22%, 9.53%, and 9.06% for the same years [4][6] Key Financial Indicators - The company's total revenue for 2023 is projected at 61.585 billion, with expected growth to 66.418 billion in 2024 [6] - The net profit attributable to shareholders is expected to increase from 25.535 billion in 2023 to 28.145 billion in 2024 [6] - The company's P/E ratio is projected to decrease from 6.80 in 2023 to 6.17 in 2024, indicating improving valuation [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [3][9]. Core Views - The company achieved an operating income of 50.753 billion yuan, a year-on-year increase of 7.45%, and a net profit attributable to shareholders of 20.707 billion yuan, up 7.02% year-on-year [4][9]. - As of the end of September, the company's total assets reached 3.07 trillion yuan, reflecting a year-on-year growth of 14.88%, with a non-performing loan ratio of 0.76% [4][9]. - The net interest margin for the first three quarters was 1.85%, showing a year-on-year decline of 4 basis points [4][9]. Summary by Sections Financial Performance - The company reported a total operating income of 50.753 billion yuan, with a net profit of 20.707 billion yuan for the first three quarters [4][9]. - The total assets increased to 3.07 trillion yuan, marking a 14.88% year-on-year growth [4][9]. - The non-performing loan coverage ratio was 404.80%, down 15.75 percentage points quarter-on-quarter [4][9]. Loan and Deposit Growth - Corporate loan growth outpaced seasonal trends, while personal loans showed improvement compared to the previous two quarters [4][5]. - The company maintained strong deposit growth, significantly outpacing the M2 growth rate [5][9]. Interest Margin and Income - The net interest margin showed a significant narrowing of the decline due to a low base, with a quarterly margin of 1.81% [5][9]. - The interest-earning rate decreased to 3.87%, down approximately 29 basis points year-on-year [5][9]. Business Income and Asset Quality - Fee and commission income faced pressure, with a notable year-on-year decline [6][9]. - The company experienced a significant increase in the amount of recovered written-off loans, up 65.17% year-on-year [8][9]. Profit Forecast and Valuation - The forecast for operating income for 2024-2026 is 67.224 billion, 71.818 billion, and 79.592 billion yuan, respectively [9][10]. - The estimated net profit for the same period is projected to be 27.515 billion, 29.693 billion, and 31.949 billion yuan [9][10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][6]. Core Views - The company reported a revenue growth of 7.4% year-on-year for the first three quarters of 2024, with net interest income increasing by 16.9%, indicating strong growth momentum [3][6]. - The net profit attributable to the parent company grew by 7.0%, which is better than market expectations, reflecting a recovery in growth rates [3][6]. - The loan balance increased by 16.2% compared to the beginning of the year, with a quarter-on-quarter growth of 3.3% in the third quarter, driven by both corporate and retail lending [3][4]. - The net interest margin stood at 1.85%, showing resilience despite a slight decline from the first half of the year [4][6]. - The non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio decreasing to 405% [3][4]. Summary by Sections Revenue Performance - The company's revenue growth of 7.4% was stable, with net interest income growth accelerating to 16.9%, supported by rapid expansion of interest-earning assets [3][6]. - Non-interest income decreased by 9.3%, primarily due to a 30% decline in fee income [5][6]. Loan and Deposit Growth - Total loans grew by 16.2% year-to-date, with corporate loans increasing by 23.2% and retail loans by 7.6% [4][6]. - Deposits increased by 19.0% compared to the beginning of the year, indicating strong funding support [4][6]. Asset Quality - The asset quality remained strong, with a stable non-performing loan generation rate and a slight increase in the attention rate to 1.08% [5][6]. - The company’s risk control system is robust, maintaining superior asset quality metrics compared to peers [5][6]. Investment Outlook - The company is expected to continue its high-quality revenue growth, with projected revenue growth of 7.3% and net profit growth of 6.9% for the full year 2024 [6][8]. - The current valuation is at 0.84x 2024 PB, indicating a favorable long-term investment opportunity [6][8].

Investment Rating - The report maintains a "Recommend" rating for Ningbo Bank, citing its strong interest income performance, narrowing interest margin decline, robust deposit and loan growth, and mature risk control system [1] Core Views - Ningbo Bank achieved a 7.45% YoY increase in operating revenue to 50.753 billion yuan and a 7.02% YoY growth in net profit attributable to parent company to 20.707 billion yuan in the first nine months of 2024 [1] - The bank's interest income showed strong performance with a 16.91% YoY increase in net interest income to 35.317 billion yuan, driven by both volume and price factors [1] - Non-interest income declined by 9.34% YoY to 15.436 billion yuan, mainly due to pressure on intermediary business income and slower growth in other non-interest income [1] - The bank's asset quality remained stable with a non-performing loan ratio of 0.76%, while its provision coverage ratio stood at 404.8% [1] Financial Performance - In Q3 2024, Ningbo Bank's operating revenue grew by 8.12% YoY, and net profit attributable to parent company increased by 10.25% YoY, with a 5.73 percentage point acceleration in growth rate compared to the previous quarter [1] - The bank's annualized net interest margin was 1.85% for the first nine months of 2024, a 2 basis points decline from the first half of 2024, but the rate of decline narrowed [1] - Total loans increased by 16.2% YoY, with corporate loans growing by 23.21% and personal loans increasing by 7.65% [1] - Total deposits grew by 18.99% YoY, with corporate and personal deposits increasing by 25.49% and 19.36% respectively [1] Business Structure - Corporate loans accounted for 55.97% of total loans, up 3.18 percentage points from the end of the previous year [1] - The bank's core tier 1 capital adequacy ratio stood at 9.43%, a slight decrease of 0.21 percentage points from the end of the previous year [1] Future Outlook - The report forecasts BVPS of 30.67/34.50/38.73 yuan for 2024-2026, corresponding to PB ratios of 0.85X/0.75X/0.67X [1] - The bank is expected to maintain its leading position in profitability, leveraging its strong presence in the Yangtze River Delta region and competitive advantage in small and micro business [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][22][23] Core Views - The company has shown strong growth in interest income, with a notable increase in revenue and net profit for the first three quarters of 2024, achieving revenue of 50.753 billion yuan, up 7.4% year-on-year, and a net profit of 20.707 billion yuan, up 7.0% year-on-year [2][11] - The bank's interest income growth is impressive, driven by an increase in interest-earning assets and an improved asset-liability structure, while non-interest income remains under pressure due to market fluctuations [3][11] - The bank's management has effectively optimized costs and expenses, contributing positively to performance [3][11] - The bank's loan and deposit growth remains robust, with total loans reaching 1.4557 trillion yuan, up 19.6% year-on-year, and total deposits at 1.8638 trillion yuan, up 17.6% year-on-year [4][15] Summary by Sections Interest Income Growth and Cost Optimization - The bank's interest income has increased by 16.9%, supported by a 15.1 percentage point contribution from the growth of interest-earning assets [3][11] - Non-interest income has been pressured, with a decline in agency income impacting overall performance [3][11] - Cost management has improved, with a 6.2 percentage point contribution to performance from effective expense control [3][11] Corporate Lending and Deposit Growth - The bank's total loans and deposits have shown strong growth, with corporate loans continuing to support credit expansion [4][15] - The bank's deposit growth strategy includes enhancing financial technology capabilities and wealth management services [15][18] Structural Factors Supporting Net Interest Margin - The net interest margin for the first three quarters of 2024 is 1.85%, with a slight decrease from the first half of the year [4][18] - The bank's asset yield has improved due to a favorable shift in the asset structure, while the cost of interest-bearing liabilities has shown slight rigidity [4][18] Asset Quality and Non-Performing Loans - The non-performing loan ratio remains stable at 0.76%, with a coverage ratio of 405%, indicating strong risk mitigation capabilities [4][19][21] - The bank has increased its efforts in managing non-performing loans, maintaining a solid asset quality profile [19][21] Investment Recommendations - The bank is expected to achieve a net profit growth of 7.3%, 9.2%, and 9.7% for 2024-2026, with corresponding price-to-book ratios of 0.86, 0.76, and 0.68 [5][22][23]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue for the first three quarters of 2024 increased by 7.45% year-on-year, with net profit growth of 7.02% [6] - The performance has shown marginal improvement, with net interest margin contributions turning positive [6] - The credit structure is strong, and the pressure from non-performing loans has decreased [6] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved operating revenue of 50.753 billion yuan, a year-on-year increase of 7.45% [6] - Net interest income rose by 16.91% year-on-year, with net profit growth of 7.02% [6] - The contribution to net profit from interest-earning assets, net interest margin, cost control, and provisions were +14.65%, +2.26%, +6.21%, and -1.60% respectively [6] Credit Structure - As of Q3 2024, the loan balance was 1.46 trillion yuan, up 19.64% year-on-year [6] - The new retail loan proportion increased significantly compared to Q2 2024 [6] - The net interest margin for the first three quarters was 1.85%, showing resilience [6] Asset Quality - The non-performing loan ratio and attention ratio were 0.76% and 1.08% respectively, with a slight increase in the attention ratio [6] - The annualized non-performing loan generation rate for Q3 2024 was 1.07%, indicating reduced pressure [6] - The provision coverage ratio was 404.80%, reflecting strong risk mitigation capabilities [6] Investment Recommendations - The company is expected to achieve operating revenues of 66.233 billion yuan, 72.119 billion yuan, and 79.940 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 7.55%, 8.89%, and 10.85% [7] - Net profit forecasts for the same years are 28.177 billion yuan, 31.669 billion yuan, and 35.169 billion yuan, with growth rates of 10.34%, 12.40%, and 11.05% [7] - The company maintains a resilient operational outlook, justifying the "Buy" rating [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 27.86 CNY per share, reflecting a 20% discount to the estimated price-to-book (PB) ratio of 0.92 for 2024 [4][2]. Core Insights - Revenue and profit growth have rebounded, with net interest income growth continuing to improve. As of Q3 2024, the company's revenue, pre-provision operating profit (PPOP), and net profit attributable to the parent company have increased year-on-year by 7.4%, 13.5%, and 7.0% respectively, compared to H1 2024 [1]. - Loan growth remains robust at around 20%, with corporate loans showing a high level of activity. As of Q3 2024, total asset growth has decreased by 1.8 percentage points to 14.9%, while loan growth has decreased by 1.0 percentage points to 19.6%, still outpacing total asset growth [1]. - Asset quality remains stable, with a slight decrease in the net generation rate of non-performing loans. As of Q3 2024, the non-performing loan ratio stands at 0.76%, unchanged from the previous quarter, while the annualized net generation rate of non-performing loans has decreased by 4 basis points to 1.16% [1]. Financial Performance Summary - The company forecasts net profit growth rates of 7.1%, 8.4%, and 9.0% for the years 2024, 2025, and 2026, respectively. Earnings per share (EPS) are projected to be 4.03 CNY, 4.37 CNY, and 4.78 CNY for the same years [2]. - The company's price-to-book (PB) ratios for 2024, 2025, and 2026 are estimated at 0.86X, 0.76X, and 0.68X, respectively, indicating a favorable valuation compared to historical averages [2]. - The report highlights that the company's net interest income is expected to grow significantly, with projections of 44.79 billion CNY, 49.12 billion CNY, and 55.64 billion CNY for the years 2024, 2025, and 2026 [6].