Bank of Ningbo(SZ:002142) Donghai Securities·2024-10-30 06:23Investment Rating - The report maintains a "Buy" rating for the company [3][9]. Core Views - The company achieved an operating income of 50.753 billion yuan, a year-on-year increase of 7.45%, and a net profit attributable to shareholders of 20.707 billion yuan, up 7.02% year-on-year [4][9]. - As of the end of September, the company's total assets reached 3.07 trillion yuan, reflecting a year-on-year growth of 14.88%, with a non-performing loan ratio of 0.76% [4][9]. - The net interest margin for the first three quarters was 1.85%, showing a year-on-year decline of 4 basis points [4][9]. Summary by Sections Financial Performance - The company reported a total operating income of 50.753 billion yuan, with a net profit of 20.707 billion yuan for the first three quarters [4][9]. - The total assets increased to 3.07 trillion yuan, marking a 14.88% year-on-year growth [4][9]. - The non-performing loan coverage ratio was 404.80%, down 15.75 percentage points quarter-on-quarter [4][9]. Loan and Deposit Growth - Corporate loan growth outpaced seasonal trends, while personal loans showed improvement compared to the previous two quarters [4][5]. - The company maintained strong deposit growth, significantly outpacing the M2 growth rate [5][9]. Interest Margin and Income - The net interest margin showed a significant narrowing of the decline due to a low base, with a quarterly margin of 1.81% [5][9]. - The interest-earning rate decreased to 3.87%, down approximately 29 basis points year-on-year [5][9]. Business Income and Asset Quality - Fee and commission income faced pressure, with a notable year-on-year decline [6][9]. - The company experienced a significant increase in the amount of recovered written-off loans, up 65.17% year-on-year [8][9]. Profit Forecast and Valuation - The forecast for operating income for 2024-2026 is 67.224 billion, 71.818 billion, and 79.592 billion yuan, respectively [9][10]. - The estimated net profit for the same period is projected to be 27.515 billion, 29.693 billion, and 31.949 billion yuan [9][10].