宁波银行(002142)：质量前瞻改善 中期分红落地

Core Viewpoint - Ningbo Bank released its 25H1 semi-annual report, showing revenue, PPOP, and net profit growth rates of 7.9%, 11.8%, and 8.2% year-on-year, with increases of +2.3pct, +1.8pct, and +2.5pct compared to 25Q1 [1] Financial Performance - Revenue growth of 7.9%, PPOP growth of 11.8%, and net profit growth of 8.2% year-on-year [1] - Significant contributions from scale growth, lower cost-to-income ratio, and decreased effective tax rate, while net interest margin contraction, non-interest income decline, and provisioning were major drags [1] Capital and Dividends - As of the end of 25Q2, the core Tier 1 capital adequacy ratio was 9.65%, up 0.33% from 25Q1, benefiting from interest rate declines and increased OCI gains [1] - The company announced an interim cash dividend of 0.3 CNY per share, representing 13.41% of net profit attributable to shareholders [1] Asset Growth - As of 25H1, interest-earning assets and loans grew by 14.9% and 18.7% year-on-year, respectively [2] Loan Structure - The company shifted its customer base strategy, reducing retail loan scale while increasing infrastructure loans [3] - Personal loan scale decreased by 22.4 billion CNY compared to the beginning of the year, with corporate loans accounting for 89.1% of total loan growth [3] Provisioning and Asset Quality - As of 25Q2, the non-performing loan ratio was 0.76%, stable compared to the previous quarter, with a provisioning coverage ratio of 374%, up 4pct [3] - The company reported a non-performing loan generation rate of 1.05% for 25H1, a year-on-year decrease of 23bp [3] Non-Interest Income - Net fee and commission income grew by 4% year-on-year in 25H1, with a quarter-on-quarter increase of 5.4pct, driven by wealth management and asset management income [3] Tax Rate - The effective tax rate for 25H1 was 7.56%, down 4.43pct year-on-year, contributing positively to performance [3] Interest Margin - The net interest margin for 25H1 was 1.76%, narrowing by 4bp from 25Q1 [4] - Asset yield decreased by 47bp since the beginning of the year, while the cost of liabilities dropped by 27bp compared to 24A [4] Profit Forecast - The company expects net profit growth rates of 10.6% and 11.5% for 25 and 26, respectively, with EPS of 4.39 and 4.91 CNY per share [4] - Current stock price corresponds to PE ratios of 6.45X and 5.76X for 25 and 26, respectively, with a reasonable value of 33.31 CNY per share based on a 1.00x PB [4]