Core Viewpoint - In the first half of 2025, Nanjing Bank's revenue and profit growth accelerated, continuing a "U" shaped trend, supported by regional advantages and a stable net interest margin [1][9] Financial Performance - Nanjing Bank reported a revenue of 28.48 billion yuan, a year-on-year increase of 8.6%, and a net profit attributable to shareholders of 12.62 billion yuan, up 8.8% year-on-year [2][3] - The bank's net interest income grew by 22.1% year-on-year, driven by increased volume and improved pricing [3][4] - Non-interest income increased by 6.7%, primarily from growth in custody, guarantee, agency, and consulting services [3] Revenue and Profit Drivers - The main contributors to profit growth were scale expansion, operating expenses, and non-interest income, with respective positive contributions of 17.54%, 0.94%, and 0.67% [4] - The bank's net interest margin (NIM) was 1.86%, with a restored NIM of 1.38%, reflecting a year-on-year increase of 5 basis points [4][6] Asset Quality - Nanjing Bank maintained excellent asset quality, with a non-performing loan (NPL) ratio of 0.84%, slightly up by 1 basis point [8] - The bank's credit cost decreased to 0.79%, while the provision coverage ratio fell to 311.7% [8] Capital Position - The successful conversion of "Nanjing Convertible Bonds" improved the bank's capital position, with the core Tier 1 capital adequacy ratio rising to 9.47% [9][10] - The bank's annualized average return on equity was 15.32%, indicating strong profitability [9] Market Outlook - Nanjing Bank is expected to achieve nearly double-digit growth in revenue and profit for the full year, supported by favorable regional conditions and strong asset quality [4][10] - The bank's stock is currently trading at 0.76 times the 2025 price-to-book ratio, with a projected dividend yield of 4.75%, indicating a balance of growth and dividend attributes [10]