南京银行2025年业绩快报点评：营收表现超预期

Investment Rating - The investment rating for Nanjing Bank is "Buy" (maintained) [9] Core Insights - Nanjing Bank's revenue for 2025 is expected to achieve double-digit growth, exceeding market expectations, with a year-on-year increase of 10.5% in revenue and 8.1% in net profit attributable to shareholders [2][3] - The bank's net interest income is projected to grow by 31% year-on-year, driven by active balance sheet expansion and stable interest margins [2] - The bank's non-performing loan (NPL) ratio and provision coverage ratio remained stable at 0.83% and 313%, respectively, as of the end of Q4 2025 [4] Summary by Sections Revenue Performance - Nanjing Bank's revenue and net profit attributable to shareholders for 2025 are forecasted to grow by 10.5% and 8.1% year-on-year, respectively, with an increase of 1.7 percentage points compared to the first three quarters of 2025 [2][3] - The bank's net interest income is expected to continue its upward trend, supported by strong loan growth and stable interest margins [2] Loan and Deposit Growth - As of Q4 2025, Nanjing Bank's loans and deposits grew by 13.4% and 11.7% year-on-year, respectively, although the growth rates showed a slight slowdown compared to Q3 2025 [3] - The bank is expanding its customer base, with a 19% increase in corporate value clients year-on-year [3] Shareholder Activity - On January 12, 2026, Nanjing Bank disclosed that its major shareholder, Zijin Group, increased its stake by 1% from September 11, 2025, to January 12, 2026, reflecting confidence in the bank's future development [5] Profit Forecast and Valuation - The forecasted growth rates for net profit attributable to shareholders for 2025-2027 are 8.08%, 9.54%, and 8.86%, respectively, with corresponding book values per share (BPS) of 14.64, 16.26, and 17.69 yuan [6] - The target price is maintained at 14.64 yuan per share, implying a target valuation of 0.90 times price-to-book (PB) for 2026, with a potential upside of 40% from the current price [6]