宁波银行，业绩还能打

Core Viewpoint - Ningbo Bank has demonstrated strong growth in 2024, maintaining its position as one of the best-performing city commercial banks in China despite challenges in the banking sector [1][3][13]. Financial Performance - In 2024, Ningbo Bank reported total assets of 3,125.232 billion yuan, a year-on-year increase of 15.25% - Revenue reached 66.631 billion yuan, up 8.19% year-on-year - Net profit attributable to shareholders was 27.127 billion yuan, reflecting a growth of 6.23% year-on-year [1][4][13]. Asset Quality and Challenges - The bank's asset quality is under pressure, with an increasing trend in non-performing loans (NPLs) - The NPL ratio remained stable at 0.76%, but the bank has increased its write-offs significantly, with 13.969 billion yuan in NPL write-offs in 2024, up 68% from 2023 [10][12]. - The migration rate of normal loans to the attention category has risen, indicating potential risks [12]. Credit and Deposit Growth - Ningbo Bank achieved a loan growth of 17.83% in 2024, supported by a deposit growth of 17.24% - The bank's net interest margin decreased slightly from 1.88% to 1.86%, which is better than many peers [6][7][9]. Management Stability and Future Outlook - The long-term stability of the management team has been a core advantage, but the impending retirement of Chairman Lu Huayu, who has led the bank for 20 years, raises questions about future leadership transitions [2][14][15]. - The bank's strategic focus on differentiated operations has contributed to its sustained performance, but future management changes could impact its strategic direction [14][15].