宁波银行2024年半年报点评：利息收入高增，扩张强劲

Investment Rating - The report maintains an "Accumulate" rating for Ningbo Bank [1][5] Core Insights - Interest income shows high growth, with revenue and net profit for H1 2024 increasing by 7.1% and 5.4% year-on-year, respectively. The profit growth is primarily affected by credit impairment and rising tax rates [1][4] - Strong expansion in scale, with loan growth reaching 21%, supported by both corporate and retail sectors. New loans exceeded 150 billion yuan in H1 2024 [1][4] - The narrowing decline in net interest margin, with a net interest margin of 1.87% for H1 2024, reflecting a slight decrease compared to the previous year [1][4] Revenue and Profitability - H1 2024 revenue reached 34.4 billion yuan, with a year-on-year growth of 7.1%. The net profit attributable to shareholders was 13.6 billion yuan, up 5.4% year-on-year [3][4] - Net interest income increased by 14.7% year-on-year, while fee income decreased by 25% due to a decline in agency business [1][4] Loan Growth and Asset Quality - Total loans increased by 21% year-on-year, with corporate loans growing by 24.3% and retail loans by 18.6% [1][4] - The non-performing loan (NPL) ratio remained stable at 0.76%, with a slight increase in the attention rate to 1.02% [2][4] Capital Adequacy - As of H1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios were 9.61%, 10.85%, and 15.28%, respectively [5]