宁波银行（002142）：营收利润增速双提升，前瞻风险指标向好

Investment Rating - The report maintains a "Recommendation" rating for Ningbo Bank, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [9][25]. Core Insights - Ningbo Bank's revenue and profit growth accelerated in the first half of 2025, with operating income reaching 37.16 billion yuan, up 7.91% year-on-year, and net profit attributable to shareholders at 14.77 billion yuan, up 8.23% year-on-year [2][9]. - The bank's asset quality remains strong, with a non-performing loan ratio stable at 0.76% and a provision coverage ratio of 374.16% [2][9]. - The report highlights the bank's robust corporate business expansion and effective cost management, which contributed to the profit growth despite increased credit and asset impairment losses [9]. Financial Performance Summary - Revenue Growth: The bank's net interest income, net fee and commission income, and other non-interest income grew by 11.11%, 4.04%, and 0.49% respectively year-on-year in the first half of 2025 [9]. - Profitability: The net profit growth rate improved by 2.5 percentage points compared to the first quarter, driven by effective cost management and a significant reduction in income tax expenses [9]. - Loan and Deposit Growth: New loans amounted to 197.2 billion yuan in the first half of 2025, with total loans increasing by 13.36% year-to-date. Total deposits grew by 13.07%, with corporate deposits contributing significantly to this increase [9]. Asset Quality and Risk Management - Asset Quality: The non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 374.16%, indicating strong risk mitigation capabilities [9]. - Forward-Looking Indicators: The report notes a decrease in the non-performing loan generation rate and a slight increase in the attention rate, suggesting improving asset quality [9]. - Retail Risk Management: The bank is actively addressing retail loan risks, with a focus on reducing non-performing loans, particularly in personal loans [9]. Valuation and Price Target - The report sets a target price of 32.82 yuan for Ningbo Bank, based on a projected price-to-book ratio of 1.0X for 2025, indicating potential for valuation recovery as retail risks are cleared and performance remains stable [9].