宁波银行：2024年半年报点评：规模稳步高扩张，净利息收入高增

Investment Rating - The report maintains a "Recommended" rating for Ningbo Bank [2][3]. Core Views - Ningbo Bank's revenue for the first half of 2024 reached 34.4 billion yuan, a year-on-year increase of 7.1%, with net profit attributable to shareholders at 13.6 billion yuan, up 5.4% year-on-year [2]. - The bank's net interest income grew significantly by 14.7% year-on-year, supported by strong credit expansion and resilient interest margins [2]. - The bank's total assets and loan amounts increased by 16.7% and 20.6% year-on-year, respectively, reflecting robust credit demand in the Yangtze River Delta region [2]. - The non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 421%, indicating strong risk mitigation capabilities [2]. Summary by Sections Financial Performance - Revenue for H1 2024 was 34.4 billion yuan, with a year-on-year growth of 7.1% [2]. - Net profit attributable to shareholders was 13.6 billion yuan, reflecting a 5.4% increase year-on-year [2]. - The bank's net interest income increased by 14.7% year-on-year, with a slight improvement in growth rate compared to Q1 2024 [2]. Credit and Asset Quality - Total assets and loans grew by 16.7% and 20.6% year-on-year, respectively, with corporate loans increasing by 24.3% [2]. - The non-performing loan ratio was stable at 0.76%, while the provision coverage ratio was maintained at 421% [2]. Future Projections - EPS for 2024-2026 is projected to be 4.13, 4.52, and 4.98 yuan, respectively, with a price-to-book ratio of 0.7 times for the closing price on August 29, 2024 [3].