NJBK(SH:601009) Xin Lang Cai Jing·2025-11-01 00:27Core Viewpoint - Nanjing Bank shows continuous improvement in revenue growth, while the growth rate of net profit attributable to shareholders has slightly declined, primarily due to increased provisioning for bad debts [1][2]. Revenue and Profitability - As of Q3 2025, Nanjing Bank's revenue, PPOP, and net profit attributable to shareholders have increased year-on-year by 8.8%, 11.7%, and 8.1% respectively, with slight improvements from H1 2025 [1]. - Net interest income growth has risen by 6.4 percentage points from H1 2025 to 28.5%, supported by a stable net interest margin [1]. - Fee income has increased by 8.5% year-on-year, with a quarter-on-quarter growth of 1.8 percentage points, while retail customer AUM has grown by 17.1% since the beginning of the year [1]. Asset Quality and Provisioning - The asset quality remains stable, with a non-performing loan (NPL) ratio decreasing by 1 basis point quarter-on-quarter, and the provisioning coverage ratio at 313%, up by 1.6 percentage points [2]. - The company has seen a significant increase in credit costs compared to H1 2025, indicating ongoing efforts to manage non-performing assets [2]. Growth Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is projected to grow by 8.3%, 7.9%, and 8.3% respectively, with BVPS expected to be 14.99, 16.38, and 17.88 yuan [2]. - The current stock price corresponds to a PB ratio of 0.74X, 0.68X, and 0.62X for the years 2025, 2026, and 2027, respectively, with a target price of 11.99 yuan per share based on a 0.80X PB valuation for 2025 [2].