Bank of Ningbo(SZ:002142) Guohai Securities·2025-10-29 09:01Investment Rating - The report maintains a "Buy" rating for Ningbo Bank [1] Core Insights - Ningbo Bank has shown steady growth in revenue and profit, with a year-on-year revenue increase of 8.32% and a net profit increase of 8.39% for the first three quarters of 2025, reflecting an acceleration compared to the first half of 2025 [6] - The bank's net interest income grew by 11.83% year-on-year, driven by scale expansion, while non-interest income from fees and commissions surged by 29.31% [6] - As of the end of Q3 2025, the total loan amount increased by 16.31% year-to-date, with corporate loans rising significantly by 30.83% [6] - The bank's non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 375.92% [6] Summary by Sections Financial Performance - Revenue for Q1-Q3 2025 reached 66,631 million yuan, with a projected revenue of 70,806 million yuan for 2025, reflecting a growth rate of 6.27% [7] - The net profit attributable to the parent company is forecasted to be 29,465 million yuan for 2025, with an expected growth rate of 8.62% [7] - Earnings per share (EPS) is projected to be 4.31 yuan for 2025, with a price-to-earnings (P/E) ratio of 6.44 [7] Loan and Deposit Growth - The bank's total loans are expected to reach 1,726,994 million yuan by 2025, with a loan growth rate of 17.00% [7] - Customer deposits are projected to grow by 17.00% as well, indicating strong deposit growth alongside loan expansion [7] Asset Quality - The report highlights that the bank's asset quality remains strong, with a stable non-performing loan ratio and a high provision coverage ratio, indicating effective risk management [6][7]