详解宁波银行2024年半年报：净利润同比增+5.4%；营收增长稳健

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year revenue growth of 7.1% in the first half of 2024, with net profit increasing by 5.4%. The growth rate for net profit has shown a marginal decline due to increased provisioning and higher tax expenses [5][8] - Interest income has grown by 14.7% year-on-year, while non-interest income has decreased by 5.8% [5][20] - The asset quality remains stable with a non-performing loan ratio of 0.76% and a provisioning coverage ratio of 420.55% [22][23] Financial Performance - Total revenue (in million) for 2022A was 57,872, 2023A was 61,572, and projections for 2024E, 2025E, and 2026E are 64,789, 67,886, and 70,958 respectively [4] - Net profit (in million) for 2022A was 23,075, 2023A was 25,535, and projections for 2024E, 2025E, and 2026E are 27,505, 29,662, and 32,008 respectively [4] - The company’s P/E ratios for 2024E, 2025E, and 2026E are projected to be 6.09, 5.64, and 5.21 respectively [4] Revenue Breakdown - The company’s net interest income increased by 14.7% year-on-year, while non-interest income saw a decline of 5.8% [5][20] - Fee income has continued to decline, with a year-on-year decrease of 24.9% in the first half of 2024 [5][20] Asset and Liability Management - The company experienced a slowdown in retail loan growth, with total new loans in Q2 2024 amounting to 47.22 billion, a decrease of 24.57 billion year-on-year [6][15] - Deposits increased by 1.2% quarter-on-quarter, with a total increase of 22.41 billion in Q2 2024 [15][19] Asset Quality - The non-performing loan ratio remained stable at 0.76%, with a slight increase in the proportion of loans under special attention to 1.02% [22][24] - The company disclosed specific non-performing loan ratios for retail loans, with consumer loans at 1.56%, operational loans at 3.04%, and mortgage loans at 0.6% [23][24] Investment Recommendation - The company is projected to have price-to-book ratios of 0.77X, 0.68X, and 0.61X for 2024E, 2025E, and 2026E respectively, indicating a strong growth potential [25][26]