宁波银行(002142)详解2025中报：营收利润增速提升 资产质量稳健

Core Viewpoint - Ningbo Bank reported a year-on-year revenue growth of 7.9% for the first half of 2025, with a net profit growth of 8.2%, indicating a positive trend in both revenue and profit generation [1] Revenue Summary - Revenue growth was primarily driven by non-interest income contributions, with net interest income increasing by 11.1% year-on-year [1] - Non-interest income showed improvement, with a year-on-year growth of 1.3%, recovering from a decline of 5.8% in the first quarter of 2025 [1][3] Profit Summary - The net profit attributable to shareholders increased by 8.2% year-on-year, up from 5.8% in the first quarter of 2025 [1] - Contributions to profit growth came from scale, fees, and other non-interest income, while the contributions from interest margin, costs, and provisions saw a marginal decline [1] Interest Income and Asset Quality - The annualized net interest margin decreased by 9 basis points to 1.69%, with asset yields declining by 20 basis points to 3.43% due to insufficient demand [2] - The non-performing loan ratio remained stable at 0.76%, with a cumulative non-performing loan generation rate of 1.05% for the first half of the year [3] Loan and Deposit Trends - New loans in the second quarter of 2025 totaled 33.044 billion, a decrease of 14.174 billion year-on-year, with corporate loans showing positive growth [2] - Total deposits decreased by 106.19 billion in the second quarter, with a notable shift in the composition of deposits towards corporate deposits [2] Non-Interest Income - Non-interest income showed a positive trend, with net fee income growing by 4.0% year-on-year, recovering from a decline in the previous quarter [3] Profit Forecast - The profit forecasts for 2025, 2026, and 2027 have been adjusted to 28.55 billion, 30.55 billion, and 32.91 billion respectively, reflecting a slight downward revision [3] Investment Recommendation - The bank is characterized by a flexible market mechanism and excellent management, which are key factors for its growth potential [3] - The bank's asset quality is robust, having withstood economic cycles, and it is recommended to maintain a "buy" rating [3]