Core Viewpoint - Ningbo Bank reported a year-on-year revenue growth of 7.9% for the first half of 2025, with a net profit growth of 8.2%, indicating a positive trend in both revenue and profit generation [1] Revenue Summary - Revenue growth was primarily driven by non-interest income contributions, with net interest income increasing by 11.1% year-on-year [1] - Non-interest income showed improvement, with a year-on-year growth of 1.3%, recovering from a decline of 5.8% in the first quarter of 2025 [1][3] Profit Summary - The net profit attributable to shareholders increased by 8.2% year-on-year, up from 5.8% in the first quarter of 2025 [1] - Contributions to profit growth came from scale, fees, and other non-interest income, while the contributions from interest margin, costs, and provisions saw a marginal decline [1] Interest Income and Asset Quality - The annualized net interest margin decreased by 9 basis points to 1.69%, with asset yields declining by 20 basis points to 3.43% due to insufficient demand [2] - The non-performing loan ratio remained stable at 0.76%, with a cumulative non-performing loan generation rate of 1.05% for the first half of the year [3] Loan and Deposit Trends - New loans in the second quarter of 2025 totaled 33.044 billion, a decrease of 14.174 billion year-on-year, with corporate loans showing positive growth [2] - Total deposits decreased by 106.19 billion in the second quarter, with a notable shift in the composition of deposits towards corporate deposits [2] Non-Interest Income - Non-interest income showed a positive trend, with net fee income growing by 4.0% year-on-year, recovering from a decline in the previous quarter [3] Profit Forecast - The profit forecasts for 2025, 2026, and 2027 have been adjusted to 28.55 billion, 30.55 billion, and 32.91 billion respectively, reflecting a slight downward revision [3] Investment Recommendation - The bank is characterized by a flexible market mechanism and excellent management, which are key factors for its growth potential [3] - The bank's asset quality is robust, having withstood economic cycles, and it is recommended to maintain a "buy" rating [3]

Core Viewpoint - Suzhou Bank reported a revenue of 6.41 billion yuan in 1H25, with a year-on-year growth of 1.5%, and a net profit attributable to shareholders of 3.13 billion yuan, reflecting a 6.1% increase year-on-year [1] Revenue Summary - In 1H25, Suzhou Bank achieved a net interest income of 4.26 billion yuan, up 2.8% year-on-year, reversing from a decline in 1Q25 [1] - The bank's fee and commission income reached 740 million yuan, marking an 8.8% increase year-on-year [1] - Investment income grew to 1.3 billion yuan, although the growth rate slowed to 10.1% due to a high base from the previous year [1] Profit Summary - The net profit attributable to shareholders increased by 6.1% year-on-year in 1H25, with contributions from scale, interest margin, and other non-interest income rising quarter-on-quarter [1] - The annualized net interest margin for 1H25 was 1.38%, down 2 basis points from the previous quarter [1] - The bank's annualized yield on interest-earning assets was 3.32%, a decrease of 0.12 percentage points quarter-on-quarter [1] Loan and Deposit Summary - As of 1H25, Suzhou Bank's loan balance reached 363.5 billion yuan, a 9.0% increase from the beginning of the year, with corporate loans growing by 19.5% while personal loans declined by 2.5% [2] - The bank's deposit balance was 462.75 billion yuan, up 11.0% year-on-year, with both corporate and personal deposits showing growth [3] - The non-performing loan ratio remained stable at 0.83%, with a decrease in the annualized net generation rate of non-performing loans to 0.72% [3] Earnings Forecast - The earnings forecasts for Suzhou Bank have been adjusted to 5.37 billion yuan for 2025, 5.59 billion yuan for 2026, and a new estimate of 6.03 billion yuan for 2027 [4] - The projected price-to-book ratios for 2025, 2026, and 2027 are 0.70X, 0.65X, and 0.54X respectively [4] - Expected revenue growth rates for 2025 to 2027 are 2.3%, 2.8%, and 2.8%, with net profit growth rates of 5.9%, 4.2%, and 7.9% respectively [4]