Bank of Ningbo(SZ:002142)2024-08-31 05:30Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 34.437 billion yuan and a net profit attributable to shareholders of 13.649 billion yuan for H1 2024, representing year-on-year growth of 7.13% and 5.42% respectively [1]. - The annualized weighted average ROE is 14.74%, a decrease of 1.41 percentage points year-on-year [1]. - Interest income showed strong performance with a net interest income of 23.154 billion yuan, up 14.75% year-on-year, while the net interest margin (NIM) was 1.87%, down 6 basis points [1]. - The company experienced robust loan growth, with total loans increasing by 12.5% year-to-date, including a 17.46% increase in corporate loans and a 3.14% increase in retail loans [1]. - Non-interest income decreased by 5.71% year-on-year to 11.283 billion yuan, primarily due to a decline in agency business and wealth management income [1]. Financial Performance Summary - For H1 2024, the company achieved a net interest income of 23.154 billion yuan, with a net interest margin of 1.87% [1][10]. - The company’s total deposits grew by 17.63% year-to-date, with corporate and individual deposits increasing by 18.02% and 16.53% respectively [1]. - The non-performing loan (NPL) ratio remained stable at 0.76%, with a provision coverage ratio of 420.55%, indicating strong risk mitigation capabilities [2]. - The company is focused on expanding its retail and light capital business, leveraging its competitive position in the Yangtze River Delta region [2]. Financial Forecasts - The projected operating revenue for 2024 is 66.648 billion yuan, with a net profit attributable to shareholders forecasted at 27.335 billion yuan [8]. - The expected growth rates for operating revenue and net profit for 2024 are 8.22% and 7.05% respectively [8][12]. - The forecasted BVPS for 2024 is 30.40 yuan, with corresponding P/B ratios of 0.66X [2][8].