宁波银行(002142)：盈利增速上行 拨备水平修复

Core Insights - Ningbo Bank reported a year-on-year revenue growth of 7.91% and a net profit growth of 8.23% for the first half of 2025 [1][2] - Total assets increased by 11.04% year-to-date, with loans and deposits growing by 13.36% and 13.07% respectively [1][2] Financial Performance - Revenue growth accelerated by 2.28 percentage points compared to Q1, supporting a net profit growth increase of 2.47 percentage points [2] - The bank's total assets grew by 14.4% year-on-year, while loan growth was at 18.7% [2] - Deposit growth remained robust at 12.7% year-on-year [2] Asset Quality and Provisioning - Non-performing loan ratio remained stable at 0.76% as of June 2025 [2] - Provision coverage ratio increased by 3.62 percentage points to 374% [2] Investment Outlook - Ningbo Bank is positioned for high-quality development through retail transformation, benefiting from a diversified ownership structure and stable management [3] - Earnings per share (EPS) forecasts for 2025-2027 are projected at 4.38, 4.83, and 5.34 yuan, with corresponding growth rates of 6.5%, 10.3%, and 10.7% [3] - Current price-to-book (PB) ratios for 2025-2027 are 0.83x, 0.75x, and 0.67x, indicating strong long-term profitability and asset quality [3]