宁波银行(002142)：业绩稳健高增 扩表动能强劲

Core Insights - The company achieved robust revenue and profit growth in H1 2025, with operating income reaching 37.16 billion yuan, a year-on-year increase of 7.91%, and net profit attributable to shareholders at 14.77 billion yuan, up 8.23% [1] - The company's strong performance is attributed to robust asset expansion, narrowing interest margin decline, and optimized business costs [1][2] Financial Performance - In H1 2025, net interest income was 25.73 billion yuan, reflecting an 11.11% year-on-year growth, with Q2 showing a 10.63% increase [2] - The net interest margin for H1 2025 was 1.76%, down 10 basis points from 2024, but improved by 4 basis points from Q1 2025 [2] - Total loans reached 1,673.21 billion yuan by the end of June, a 13.36% increase from the beginning of the year, with corporate loans growing by 21.34% [2] - Total deposits amounted to 2,076.41 billion yuan, a 13.07% increase year-to-date, with corporate deposits up 15.44% and personal deposits up 6.66% [2] Wealth Management and Investment Income - Non-interest income for H1 2025 was 11.43 billion yuan, a 1.34% increase, with net commission income rising by 4.04% [3] - Investment income reached 8.38 billion yuan, a significant increase of 32.26%, despite a loss in fair value changes of 481 million yuan [3] Asset Quality and Risk Management - The non-performing loan ratio remained stable at 0.76%, with a coverage ratio of 374.16%, indicating strong risk mitigation capabilities [3] - The core Tier 1 capital adequacy ratio was 9.65%, slightly down by 19 basis points due to loan expansion consuming capital [3] Investment Outlook - The company has a strong competitive position in the economically developed Yangtze River Delta region, with a well-diversified profit center layout [4] - The narrowing interest margin decline and strong loan and deposit growth support stable performance, with a mid-term dividend plan enhancing investor returns [4] - The forecast for book value per share (BVPS) for 2025-2027 is 35.19, 38.52, and 43.12 yuan, corresponding to current price-to-book ratios of 0.80X, 0.73X, and 0.65X [4]