宁波银行(002142)：盈利增速修复 息差降幅收窄

Core Viewpoint - Ningbo Bank reported a solid performance in the first half of 2025, with revenue and net profit showing year-on-year growth, indicating a stable financial position and effective management strategies [1][2][5] Financial Performance - In the first half of 2025, Ningbo Bank achieved an operating income of 37.2 billion yuan, a year-on-year increase of 7.9%, and a net profit attributable to shareholders of 14.8 billion yuan, up 8.2% year-on-year [1] - The bank's net interest income grew by 11.1% year-on-year, while non-interest income related to bond investments saw a slight increase of 0.5% [2] Asset and Liability Management - As of mid-2025, the total asset size reached 3.47 trillion yuan, reflecting a year-on-year growth of 14.4%, with loan and deposit sizes increasing by 18.7% and 12.7% respectively [1][3] - The net interest margin was recorded at 1.76%, with a decrease in loan yield by 46 basis points to 4.38% and a reduction in deposit cost rate by 23 basis points to 1.71% [3] Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, with an annualized NPL generation rate of 0.94% [4] - The bank's provision coverage ratio increased to 374%, indicating a strong risk mitigation capacity [4] Investment Outlook - Ningbo Bank is positioned as a benchmark among city commercial banks, benefiting from a diversified equity structure and stable management, leading to superior profitability compared to peers [5] - The bank's earnings per share (EPS) forecasts for 2025-2027 are 4.38, 4.83, and 5.34 yuan, with corresponding growth rates of 6.5%, 10.3%, and 10.7% [5]