宁波银行：营收延续改善，存贷维持高增

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][3][16] Core Views - The company's revenue continues to improve, with a year-on-year increase of 8.20% in 2024, and net profit attributable to shareholders rising by 6.23% [4][8] - Total assets grew by 15.3% year-on-year by the end of 2024, with loans and deposits increasing by 17.8% and 17.2% respectively [4][8] - The non-performing loan (NPL) ratio remained stable at 0.76%, indicating solid asset quality [8][12] - The company is expected to maintain a high level of profitability, with projected earnings per share (EPS) of 4.10, 4.49, and 4.95 for 2024, 2025, and 2026 respectively [8][14] Summary by Sections Financial Performance - In 2024, the company's operating income is projected to be 64,650 million, with a year-on-year growth of 5.0% [6][14] - The net profit attributable to shareholders is expected to reach 27,091 million in 2024, reflecting a growth of 6.1% [6][14] Asset Quality - The NPL ratio is forecasted to decrease to 0.72% by 2025 and 0.70% by 2026, indicating an improving asset quality trend [14] - The provision coverage ratio is expected to decline to 398% by 2025, while still remaining at a high level [14] Growth Projections - The company anticipates a loan growth rate of 19.0% for 2024 and 2025, with total assets expected to grow at a rate of 14.8% [14] - The projected return on equity (ROE) is expected to be 14.6% in 2024, gradually decreasing to 14.0% by 2026 [14]