南京银行(601009)：Q3营收归母净利润同比稳健提升 资产总额较快增长

Core Viewpoint - Nanjing Bank's Q3 2025 financial results show strong revenue and net profit growth, with a stable asset scale and improved asset quality, leading to a maintained "Buy" rating [2][3]. Financial Performance - In Q3 2025, Nanjing Bank achieved operating revenue of 41.949 billion yuan, a year-on-year increase of 8.79%, with the growth rate rising by 0.76 percentage points compared to the same period last year [2]. - The net profit attributable to shareholders reached 18.005 billion yuan, reflecting a year-on-year growth of 8.06% [2]. - The net interest income for the first three quarters of 2025 was 25.207 billion yuan, up 28.52% year-on-year, accounting for 60.09% of total operating revenue [2]. Asset Quality and Growth - As of the end of Q3 2025, Nanjing Bank's total assets amounted to 2.96 trillion yuan, representing a 14.31% increase from the end of 2024 [2]. - Customer deposits totaled 1.64 trillion yuan, up 9.65% from the end of the previous year [2]. - The total loan amount reached 1.411481 trillion yuan, a 12.34% increase year-on-year, with corporate loans at 1.07 trillion yuan, growing by 14.63% [2]. Risk Management - The non-performing loan (NPL) ratio for Q3 2025 was 0.83%, a decrease of 1 basis point from H1 2025 [2]. - The provision coverage ratio stood at 313.22%, an increase of 1.57 percentage points from H1 2025 [2]. Profit Forecast and Investment Rating - Nanjing Bank's revenue is projected to be 54.8 billion yuan, 59.9 billion yuan, and 65.6 billion yuan for 2025-2027, with year-on-year growth rates of 8.99%, 9.31%, and 9.51% respectively [3]. - The net profit attributable to shareholders is forecasted to be 21.2 billion yuan, 22.3 billion yuan, and 23.6 billion yuan for the same period, with growth rates of 5.27%, 5.22%, and 5.51% [3]. - Earnings per share (EPS) are expected to be 1.88 yuan, 1.98 yuan, and 2.09 yuan, with price-to-earnings (P/E) ratios of 6.04, 5.74, and 5.43, and price-to-book (P/B) ratios of 0.73, 0.68, and 0.66 [3].