宁波银行：净利息收入增长提速至17%，不良生成环比改善

Investment Rating - The report maintains a "Buy" rating for Ningbo Bank [4] Core Views - Ningbo Bank's performance in Q3 2024 shows solid growth, with net interest income increasing by 17% and a stable non-performing loan ratio of 0.76% [1][2] - The bank's total revenue for the first three quarters reached 50.8 billion yuan, a year-on-year increase of 7.4%, while net profit attributable to shareholders was 20.7 billion yuan, up 7.0% year-on-year [1] - The bank's cost-to-income ratio improved significantly, decreasing by 3.8 percentage points to 33.4% [1] Financial Performance - Net Interest Income: Increased by 16.9% year-on-year, with a net interest margin of 1.85%, showing a slight decline of 2 basis points [1] - Non-Interest Income: Decreased by 9.3% year-on-year, primarily due to a 30.3% drop in net fee income [1] - Cost-to-Income Ratio: Improved to 33.4%, indicating effective cost management [1] Asset Quality - Non-Performing Loan Ratio: Remained stable at 0.76% as of September, with a non-performing loan generation rate of 0.96%, showing improvement [2] - Provision Coverage Ratio: Stood at 405%, reflecting a strong buffer against potential loan losses [2] Asset and Liability Management - Total Assets: Reached 3.07 trillion yuan, a year-to-date increase of 13.1% [3] - Loan Growth: Total loans amounted to 1.46 trillion yuan, up 16.2% year-to-date, with significant growth in retail loans [3] - Deposit Growth: Deposits increased by 19.0% year-to-date, totaling 1.86 trillion yuan [3] Investment Recommendation - The report suggests that Ningbo Bank's overall performance is solid and stable, with expectations for continued stability in annual performance. The bank is positioned for both stability and growth in the current environment, justifying the "Buy" rating [3]