宁波银行：2024年三季报点评：利息净收入增长亮眼

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][6]. Core Views - The company's operating income for the first three quarters of 2024 reached 50.8 billion yuan, a year-on-year increase of 7.4%, with a stable growth rate [1]. - The net profit attributable to shareholders for the same period was 20.7 billion yuan, also reflecting a year-on-year growth of 7.0% [1]. - The total assets as of the end of Q3 2024 grew by 14.9% year-on-year to 3.07 trillion yuan, with loan and deposit growth rates of 19.6% and 18.1%, respectively [1]. - The net interest margin remained stable at 1.85%, with net interest income increasing by 16.9% year-on-year [1]. - The non-performing loan ratio stood at 0.76%, with a rise in the attention rate to 1.08% [1]. Summary by Sections Financial Performance - The company achieved a weighted average return on equity (ROE) of 14.1% for the first three quarters, a decrease of 1.5 percentage points from the previous year [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 27.4 billion, 29.5 billion, and 31.9 billion yuan, with growth rates of 7.3%, 7.7%, and 8.1% respectively [1][3]. Valuation Metrics - The diluted earnings per share (EPS) for 2024-2026 are projected to be 4.03, 4.35, and 4.71 yuan, with corresponding price-to-earnings (PE) ratios of 6.4, 6.0, and 5.5 times [1][3]. - The price-to-book (PB) ratios for the same period are expected to be 0.86, 0.77, and 0.69 times [1][3]. Asset Quality - The company reported a non-performing loan generation rate of 1.26%, an increase of 0.37 percentage points year-on-year [1]. - The provision coverage ratio decreased to 405%, down 16 percentage points from the previous quarter and 76 percentage points from the beginning of the year [1].