宁波银行（002142）：分红比例提升，存贷双位数高增

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 66.6 billion yuan in 2024, representing a year-on-year growth of 8.19%, and a net profit attributable to shareholders of 27.1 billion yuan, up 6.23% year-on-year. The bank's non-performing loan ratio at the end of Q4 2024 was 0.76%, with a provision coverage ratio of 389.35%, showing a stable asset quality [1][4][12]. Performance Summary 1. Financial Performance: - The bank's net interest income grew by 17.32% year-on-year, with a net interest margin of 1.86%. The growth in revenue was primarily driven by a reduction in the decline of interest margins and a smaller decrease in non-interest income [2][3]. - Non-interest income from fees and commissions decreased by 19.28% year-on-year, but the decline rate has narrowed compared to previous quarters [3][12]. 2. Asset Quality: - The non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 389.35%. The bank has actively managed its non-performing loans, disposing of 14.2 billion yuan in 2024, which is an increase of 5.8 billion yuan year-on-year [4][9][12]. 3. Asset and Liability Management: - Total assets and loans reached 3.13 trillion yuan and 1.48 trillion yuan respectively, with year-on-year growth rates of 15.25% and 17.83%. The bank's deposits also increased significantly, with a total deposit amount of 1.84 trillion yuan, up 17.24% year-on-year [10][12]. 4. Profit Center Performance: - The bank's subsidiaries, including leasing and consumer finance, showed significant growth, with total assets of 136.5 billion yuan and 60.1 billion yuan respectively, reflecting year-on-year increases of 15.8% and 31.7% [11][12]. 5. Wealth Management: - The bank's wealth management strategy has been effective, with personal financial assets reaching 1.13 trillion yuan, an increase of 141.2 billion yuan year-on-year [12].