24Q3宁波银行业绩点评：成本管控及规模增速表现优异，资产质量优于同业

Investment Rating - The report provides a 2024E P/B of 0.9x and a 2024E P/E of 6.3x for the Bank of Ningbo, with a TTM dividend yield of 2.3%, compared to industry averages of 0.6x, 5.5x, and 4.7% respectively [1][5]. Core Insights - The Bank of Ningbo reported a revenue increase of 8.1% YoY in Q3 2024, with profit before provision rising by 21.7% YoY and net profit attributable to shareholders increasing by 10.3% YoY [1][5]. - The annualized ROA for the first three quarters of 2024 was 0.96%, down by 0.06 percentage points YoY, while the annualized ROE was 14.51%, down by 1.43 percentage points YoY [1][5]. - The net interest margin for Q1-3 2024 was 1.85%, a decrease of 2 basis points from H1 2024, but the net interest income improved to +16.9% YoY [2][6]. Summary by Sections Revenue and Profitability - For Q1-3 2024, revenue grew by 7.4% YoY, profit before provision increased by 13.5% YoY, and net profit attributable to the parent rose by 7.0% YoY [1][5]. - Q3 2024 net interest income was up 21.3% YoY, indicating a solid performance in interest income generation [2][6]. Loan and Deposit Growth - Total loans increased by 16.2% compared to the end of 2023, with corporate loans contributing 76.0% of the loan increment, growing by 23.4% [3][6]. - Deposits grew by 19.0%, with personal deposits increasing by 19.4% and corporate deposits by 18.9% [3][6]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, maintaining this level for seven consecutive quarters, while the attention rate increased slightly to 1.08% [3][6]. - The provision coverage ratio was reported at 404.8%, reflecting a slight decrease of 3.1 percentage points [3][6]. Cost Management - The cost-to-income ratio for Q1-3 2024 was 33.43%, a decrease of 3.80 percentage points YoY, indicating improved cost efficiency [2][6]. - Operating expenses decreased by 2.4% YoY, with business and management fees down by 3.5% [2][6].