NJBK(SH:601009) Xin Lang Cai Jing·2025-04-29 02:46Core Viewpoint - Nanjing Bank reported solid financial performance for 2024 and Q1 2025, with revenue and net profit growth, stable asset quality, and effective cost management [1][2][3] Financial Performance - In 2024, the company achieved revenue of 50.273 billion yuan, up 11.32% year-on-year, and a net profit attributable to shareholders of 20.177 billion yuan, up 9.05% year-on-year [1] - For Q1 2025, revenue was 14.190 billion yuan, up 6.53% year-on-year, and net profit was 6.108 billion yuan, up 7.06% year-on-year [1] - The company declared a total dividend of 0.56 yuan per share for 2024, resulting in a static dividend yield of 5.35% [1] Asset Growth - By the end of 2024, total loans reached 1.26 trillion yuan, up 14.31% year-on-year, with corporate loans at 936.204 billion yuan and personal loans at 310.194 billion yuan, increasing by 14.86% and 12.75% respectively [1] - Total deposits amounted to 1.50 trillion yuan, up 9.26% year-on-year, with corporate deposits at 1.019369 trillion yuan and personal deposits at 476.498 billion yuan, increasing by 8.14% and 11.69% respectively [1] - As of Q1 2025, total loans and deposits were 1.35 trillion yuan and 1.66 trillion yuan, respectively, reflecting increases of 7.14% and 10.77% from the beginning of the year [1] Interest Income and Cost Management - The net interest margin for 2024 was 1.94%, down 10 basis points year-on-year, which is less than the industry average decline [2] - Interest income increased by 4.62% year-on-year to 26.627 billion yuan in 2024, driven by loan expansion despite a decrease in interest rates [2] - Non-interest income included net fee and commission income of 2.593 billion yuan, down 28.55% year-on-year, and investment income of 20.995 billion yuan, up 26.99% year-on-year for 2024 [2] - The cost-to-income ratio improved to 28.08% in 2024 and 23.80% in Q1 2025, reflecting effective cost management [2] Asset Quality and Risk Management - The non-performing loan (NPL) ratio was stable at 0.83% in 2024, with a coverage ratio of 335.27%, indicating strong risk absorption capacity [3] - For Q1 2025, the NPL ratio remained at 0.83%, with a coverage ratio of 323.69% [3] Profit Forecast - Revenue projections for 2025-2027 are 53.254 billion yuan, 56.784 billion yuan, and 60.696 billion yuan, with net profits of 21.712 billion yuan, 23.426 billion yuan, and 25.392 billion yuan respectively [3] - The projected book value per share for 2025-2027 is 18.76 yuan, 21.09 yuan, and 23.41 yuan, corresponding to price-to-book ratios of 0.56, 0.50, and 0.45 times based on the closing price on April 24 [3]