宁波银行（002142）：营收增速回升，等待宏观alpha

Investment Rating - The report maintains a strong recommendation for Ningbo Bank, indicating it is an aggressive bank with a strategy focused on high-quality operational areas and a credit growth rate above the industry average [4]. Core Insights - The bank's revenue growth has rebounded, with H1 2025 operating income, PPOP, and net profit growth rates of 7.91%, 11.82%, and 8.23% respectively, showing improvements compared to Q1 2025 [1]. - Corporate loans have seen a high growth rate of 29.07% as of Q2 2025, while personal loans have slowed down significantly due to weak consumer credit demand [2]. - The net interest margin has narrowed to 1.76%, but there is still potential for further reduction in funding costs [2]. - The bank's non-performing loan (NPL) ratio remains stable at 0.76%, with a significant increase in the provision coverage ratio to 374.16% [3]. - Non-interest income has shown a positive growth trend, particularly in net fee income, which increased by 4.0% year-on-year [4]. - The bank has successfully reduced its cost-to-income ratio to 30.36%, indicating effective cost management [4]. Performance Summary - As of H1 2025, total loans increased by 18.72% year-on-year, while total deposits grew by 12.93% [13]. - The bank's total assets reached 3,470.33 billion, with a total liability of 3,224.37 billion [13]. - The return on equity (ROE) for H1 2025 was reported at 13.80% [29]. Non-Interest Income - The bank's non-interest income has rebounded, with a notable increase in net fee income and other non-interest income, reflecting improved performance in wealth management and asset management services [4]. Interest Margin and Asset Quality - The net interest margin has decreased slightly, but the bank's funding costs have also declined, providing some support to the margin [2]. - The asset quality indicators remain robust, with a declining trend in new NPL generation and a stable NPL ratio [3]. Capital and Shareholder Information - The bank announced a mid-term dividend plan, proposing a cash dividend of 3 yuan per 10 shares, which represents 13.41% of the net profit attributable to shareholders [4]. - The major shareholder is Ningbo Development Investment Group Co., Ltd., holding 18.74% of the shares [4].