宁波银行：分红比例提升，存贷双位数高增-20250410

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][2][4][12]. Performance Summary 1. Financial Performance: - The net interest income grew by 17.32% year-on-year, with the net interest margin at 1.86%, a slight increase from the previous quarter. The decline in interest margin was only 2 basis points year-on-year, a significant improvement compared to a 14 basis points decline in the previous year [2][3]. - The bank's fee and commission income decreased by 19.28% year-on-year, but the decline rate has narrowed compared to previous quarters [3]. - Other non-interest income fell by 6.22% year-on-year, primarily due to market fluctuations affecting the fair value of derivative financial instruments [3]. 2. Asset Quality: - The non-performing loan ratio remained stable at 0.76% at the end of Q4 2024. The bank's ability to cover risks is reflected in a provision coverage ratio of 389.35% [4][9]. - The bank 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 [9]. 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% [10]. - The total deposits increased by 17.24% year-on-year, with a significant portion of deposits being time deposits, which accounted for 82.6% of the total deposit growth [10]. 4. Profit Centers: - 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 a year-on-year increase of 15.8% and 31.7% [11][12]. - The bank's wealth management strategy continued to progress, with personal customer financial assets reaching 1.13 trillion yuan, a year-on-year increase of 14.3% [12]. 5. Future Outlook: - The bank is expected to maintain a stable asset quality and continue to grow its net interest income, with a focus on expanding its retail and corporate loan portfolios [12].