Bank of Ningbo(SZ:002142) EBSCN·2026-01-20 15:35Investment Rating - The report maintains a "Buy" rating for Ningbo Bank (002142.SZ) with a current price of 28.55 CNY [1]. Core Insights - Ningbo Bank reported a revenue of 71.97 billion CNY for 2025, representing an 8% year-on-year growth, and a net profit attributable to shareholders of 29.33 billion CNY, which is an 8.1% increase [4][5]. - The annualized weighted average return on equity (ROE) is 13.11%, a decrease of 0.48 percentage points compared to the same period last year [4][7]. - The bank's total assets and loans grew by 16.1% and 17.4% year-on-year, respectively, indicating a strong expansion [6][8]. Summary by Sections Revenue Performance - Revenue growth is supported by stable interest income, with net interest income increasing by 10.8% year-on-year [5]. - Non-interest income grew by 0.9%, with net fee and commission income rising by 30.7% [5]. Loan and Deposit Growth - The year-end loan balance increased by over 17%, with corporate loans acting as a stabilizing force [6]. - Total liabilities grew by 16.9% year-on-year, with deposits increasing by 10.3% [6]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, with a provision coverage ratio of over 370% [7]. - The bank has been actively writing off problem assets to manage potential risks [7]. Profit Forecast and Valuation - The report forecasts earnings per share (EPS) of 4.44 CNY for 2025, with a price-to-book (PB) ratio of 0.81 [8][11]. - The bank's operational strategy focuses on increasing demand deposits and enhancing revenue streams [8].