宁波银行(002142)：利息&中收高增 信贷高速扩表

Core Viewpoint - Ningbo Bank is expected to achieve an annual revenue growth rate of 8.0% for 2025, with a net profit growth rate of 8.1%, driven by strong loan growth and improved cost-to-income ratio [1][3]. Financial Performance - Interest income grew by 10.8% for the year, benefiting from rapid asset expansion, while non-interest income saw a modest increase of 0.9% [3]. - The cost-to-income ratio improved year-on-year, contributing positively to profitability [3]. - The annual net profit growth rate is projected at 8.1%, with a quarterly growth rate of 7.3% in Q4 [1]. Asset Quality and Risk Indicators - The non-performing loan (NPL) ratio is stable at 0.76%, with a provision coverage ratio of 373%, reflecting a slight decrease of 3 percentage points [2][5]. - The net generation rate of non-performing loans has shown a declining trend over the past two quarters, indicating a potential stabilization in asset quality [5]. Scale and Growth - Total assets are expected to grow by 16.1% in 2025, with loans increasing by 17.4% [4]. - Corporate loans have seen a significant increase of 30.8% compared to the beginning of the year, while retail loans have decreased by 4.0% due to tightened risk controls [4]. Deposit and Funding - Total deposits are projected to grow by 10.3% in 2025, with a notable increase in demand deposits, which accounted for 71% of the total deposit growth [4]. - The cost of deposits is expected to decline, contributing to a stable net interest margin [5]. Investment Outlook - The bank's stable operational advantages and improving valuation suggest potential for upward price adjustments, with projected PB ratios of 0.90x for 2025 and 0.81x for 2026 [6]. - The bank's performance is expected to remain strong, with continued high growth rates in revenue and net profit anticipated for 2026 [6].