宁波银行：2024年业绩快报点评：营收加速增长，信贷高速扩表

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported an 8.2% year-on-year revenue growth for 2024, with a 6.2% increase in net profit attributable to shareholders. The fourth quarter saw accelerated revenue growth, with a 10.7% year-on-year increase. The strong growth in interest income is expected to continue, supported by robust growth in interest-earning assets and resilient net interest margins [3][10]. - The total loans at year-end increased by 17.8% compared to the beginning of the year, with corporate loans expected to remain a core growth driver. Total deposits also grew by 17.2% year-on-year [10]. - The non-performing loan ratio remained stable at 0.76%, while the provision coverage ratio decreased by 16 percentage points to 389%, reflecting retail risk pressures [10]. Summary by Sections Revenue and Profitability - The company's revenue for 2024 is projected to grow by 8.2%, with a notable acceleration in the fourth quarter, where revenue growth reached 10.7%. The net profit attributable to shareholders is expected to grow by 6.2% [3][10]. - Interest income is anticipated to maintain a high growth rate, driven by strong growth in interest-earning assets and resilient net interest margins [10]. Asset Quality and Risk - The non-performing loan ratio remained stable at 0.76% at year-end, with a provision coverage ratio of 389%, indicating a decrease due to retail risk pressures [10]. - The company has maintained a solid risk control framework, with the overall risk expected to remain manageable [10]. Growth and Expansion - Total assets increased by 15.2% year-on-year, with total loans growing by 17.8% compared to the beginning of the year. Corporate loans are expected to be the main growth driver moving forward [10]. - The company is projected to have a good start in 2025 with loan disbursements expected to increase year-on-year [10]. Valuation - The company is currently valued at a price-to-book (PB) ratio of 0.72x for 2025, with expectations of stable growth in revenue and net profit [10].