Core Viewpoint - Ningbo Bank demonstrated strong resilience in the first quarter of 2025, achieving steady growth in profits and assets despite a challenging external economic environment and intense industry competition [1][4]. Financial Performance - In Q1 2025, the net profit attributable to shareholders reached 7.417 billion yuan, a year-on-year increase of 5.76% [4]. - The operating revenue for the same period was 18.495 billion yuan, reflecting a year-on-year growth of 5.63% [4]. - The annualized weighted average return on equity was 14.18%, while the total asset return rate stood at 0.91% [4]. Asset Growth - As of March 31, 2025, the total assets amounted to 3396.035 billion yuan, representing an 8.67% increase from the beginning of the year [4]. - Loans and advances reached 1640.169 billion yuan, marking an 11.12% growth since the start of the year [4]. - Customer deposits totaled 2182.604 billion yuan, which is an 18.86% increase year-to-date [4]. Risk Management - The bank maintained a non-performing loan ratio of 0.76%, unchanged from the beginning of the year, and a provision coverage ratio of 370.54%, indicating strong risk mitigation capabilities [8]. - The bank's risk management system is comprehensive, covering all processes, chains, cycles, and dimensions, ensuring stable asset quality [8]. Strategic Focus - Ningbo Bank is committed to a strategy of "doing what big banks cannot do," focusing on differentiated development paths and leveraging financial technology to meet diverse customer needs [1][8]. - The bank aims to balance risk and return while adapting to changes in the operating environment, with a focus on sustainable and high-quality growth [8].

业绩回顾 宁波银行发布1Q25 业绩：营收同比增长6%，税前利润同比增长2%，净利润同比增长6%，业绩基本符 合预期。 1Q25 所得税费用同比下降。拨备计提增加使得1Q25 宁波银行税前利润同比增长2%，低于营收增速； 所得税同比减少，提升净利润增速至6%。 2024 年宁波银行所得税率上升是由于银行先核销后处置的不良处理节奏。 1Q25 业绩整体符合我们预期 发展趋势 规模扩张速度加快，增速快于预期。1Q25 宁波银行总资产、贷款、存款同比增长18%、20%、20%，增 速较此前加快。2025 年宁波银行信贷额度增加，自身也通过鲲鹏司库、波波知了、五管二宝、数字赋 能、四化五帮（专业化、数字化、平台化、国际化的经营逻辑；帮客户赚钱、省钱、管钱、找钱、帮员 工提升生活质量的五大服务模块）等创新产品和服务增加获客。 1Q25 新增贷款中，公司贷款占比86%、票据贴现占比17%、个人贷款占比-3%。新增存款中公司存款占 比84%。 净息差收窄，资产收益率下降快于负债成本率。我们估算宁波银行1Q25净息差1.80%，同比下降10bp、 环比下降9bp。其中资产收益率同比下降48bp、环比下降24bp 至3.62% ...