南京银行（601009）：利润继续高增，资产质量优异

Investment Rating - The investment rating for the company is "Buy" with a current price of 10.42 CNY and a reasonable value of 14.72 CNY [4]. Core Insights - The company continues to experience high profit growth, with a reported operating income growth of 10.48% year-on-year and a net profit growth of 8.08% year-on-year for the year 2025 [8]. - The total assets of the company increased by 16.6% year-on-year, surpassing 3 trillion CNY, with both deposits and loans maintaining double-digit growth [8]. - The company has a strong asset quality, with a non-performing loan ratio of 0.83% and a provision coverage ratio of 313.31% [8]. - The core tier one capital adequacy ratio remains stable at 9.31% [8]. - A mid-term dividend of 0.3062 CNY per share was distributed, with a payout ratio of 30% based on the net profit for the first half of 2025 [8]. - The forecasted net profit growth rates for 2026 and 2027 are 7.53% and 7.48%, respectively, with corresponding EPS of 1.80 CNY and 1.94 CNY per share [8]. Summary by Sections Financial Performance - The operating income for 2025 is projected to grow by 10.48% year-on-year, with a significant increase in interest income by 31.1% [8]. - The net profit for 2025 is expected to reach 18.63 billion CNY, reflecting a growth of 8.08% year-on-year [8]. Asset Quality - The company maintains a non-performing loan ratio of 0.83%, consistent with the previous quarter, and a provision coverage ratio of 313.31% [8]. - The company emphasizes optimizing risk management and enhancing value creation [8]. Capital Adequacy - The core tier one capital adequacy ratio is reported at 9.31%, showing stability compared to the beginning of the year [8]. Dividend Policy - A mid-term dividend of 0.3062 CNY per share was declared, with an expected total payout of 37.86 billion CNY, representing a 30% payout ratio based on the net profit for the first half of 2025 [8]. Earnings Forecast - The expected net profit growth rates for 2026 and 2027 are 7.53% and 7.48%, with corresponding EPS of 1.80 CNY and 1.94 CNY per share [8].