宁波银行：2024年三季报点评：营收含金量高，信贷扩表强劲

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][6]. Core Views - The company reported a revenue growth of 7.4% year-on-year for the first three quarters of 2024, with net interest income increasing by 16.9%, indicating strong growth momentum [3][6]. - The net profit attributable to the parent company grew by 7.0%, which is better than market expectations, reflecting a recovery in growth rates [3][6]. - The loan balance increased by 16.2% compared to the beginning of the year, with a quarter-on-quarter growth of 3.3% in the third quarter, driven by both corporate and retail lending [3][4]. - The net interest margin stood at 1.85%, showing resilience despite a slight decline from the first half of the year [4][6]. - The non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio decreasing to 405% [3][4]. Summary by Sections Revenue Performance - The company's revenue growth of 7.4% was stable, with net interest income growth accelerating to 16.9%, supported by rapid expansion of interest-earning assets [3][6]. - Non-interest income decreased by 9.3%, primarily due to a 30% decline in fee income [5][6]. Loan and Deposit Growth - Total loans grew by 16.2% year-to-date, with corporate loans increasing by 23.2% and retail loans by 7.6% [4][6]. - Deposits increased by 19.0% compared to the beginning of the year, indicating strong funding support [4][6]. Asset Quality - The asset quality remained strong, with a stable non-performing loan generation rate and a slight increase in the attention rate to 1.08% [5][6]. - The company’s risk control system is robust, maintaining superior asset quality metrics compared to peers [5][6]. Investment Outlook - The company is expected to continue its high-quality revenue growth, with projected revenue growth of 7.3% and net profit growth of 6.9% for the full year 2024 [6][8]. - The current valuation is at 0.84x 2024 PB, indicating a favorable long-term investment opportunity [6][8].