Investment Rating - The report maintains a "Recommended" rating for the company, reflecting confidence in its future development and performance [4][5]. Core Insights - Revenue and net profit growth continue to improve, with operating income reaching 38.558 billion yuan, a year-on-year increase of 8.03%, and net profit attributable to shareholders at 16.663 billion yuan, up 9.02% year-on-year [3][4]. - The company has seen a significant increase in retail loan issuance, with a year-on-year growth of 7.3% in retail loans, and a total loan amount growth of 12.52% compared to the end of the previous year [3][4]. - Non-interest income has also shown strong growth, with a 19.84% increase year-on-year, driven by the performance of wealth management products [3][4]. Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved operating income of 38.558 billion yuan, a year-on-year increase of 8.03%, and net profit attributable to shareholders of 16.663 billion yuan, up 9.02% year-on-year. The annualized weighted average ROE was 15.08%, a slight decrease of 0.17 percentage points [3][4]. - In Q3 2024, revenue and net profit grew by 8.38% and 10.2% year-on-year, respectively [3]. Loan and Deposit Growth - As of September 2024, the total loan amount increased by 12.52% compared to the end of the previous year, with corporate loans growing by 14.34% and retail loans by 7.3% [3][4]. - The company’s deposit growth was 2.42% year-on-year, with a notable increase in the proportion of time deposits [3]. Non-Interest Income and Wealth Management - Non-interest income reached 18.944 billion yuan, reflecting a year-on-year growth of 19.84%. The intermediary business income was 3.504 billion yuan, up 11.71% year-on-year [3][4]. - The balance of wealth management products reached 441.323 billion yuan, an 18.02% increase from the end of the previous year [3]. Asset Quality - As of September 2024, the non-performing loan ratio was 0.83%, and the coverage ratio was 340.4%, indicating a stable asset quality [4]. - The core Tier 1 capital adequacy ratio stood at 9.02%, reflecting a solid capital position [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.44 CNY per share based on a historical valuation method [2][4]. Core Insights - Revenue and net profit growth rates have shown slight improvements, with net interest income growth notably increasing. As of Q3 2024, the company's revenue, PPOP, and net profit attributable to shareholders have year-on-year growth rates of 8.0%, 10.1%, and 9.0%, respectively [1]. - Asset expansion has accelerated, with total assets and loan growth rates increasing to 13.7%. The bank's total liabilities and deposit growth rates have also improved, indicating a shift towards more active liabilities [1]. - The non-performing loan ratio remains stable at 0.83%, with a slight increase in the attention ratio. Capital adequacy ratios have shown marginal improvements, indicating a solid risk coverage capacity [1]. Financial Performance Summary - The company forecasts net profit growth rates of 12.3%, 13.8%, and 13.7% for 2024, 2025, and 2026, respectively. The expected EPS for these years is 1.84, 2.10, and 2.41 CNY, with corresponding PB ratios of 0.71X, 0.64X, and 0.58X [2][3]. - Key financial metrics for 2024E include total revenue of 49,352 million CNY, a net profit of 20,781 million CNY, and an EPS of 1.84 CNY, reflecting a year-on-year growth of 9.3%, 12.3%, and 12.3%, respectively [3][4].

| 证券代码：601009 | 证券简称：南京银行 | 公告编号：2024-053 | | --- | --- | --- | | 优先股简称：南银优 1 | | 优先股代码：360019 | | 南银优 2 | | 360024 | | 可转债简称：南银转债 | | 可转债代码：113050 | 南京银行股份有限公司 关于根据 2024 年中期利润分配方案调整 可转换公司债券转股价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 因本公司实施2024年中期普通股分红派息，每股派送现金股利人民币0.34626 元（含税），"南银转债"的转股价格自2024年11月1日起调整为人民币8.22元/ 股。 一、转股价格调整依据 根据《南京银行股份有限公司公开发行A股可转换公司债券募集说明书》（以 下简称"《募集说明书》"）的相关规定，在"南银转债"的存续期内，当本公 司派送现金股利时，将按照下述公式进行转股价格调整： 派发现金股利：P1=P0-D； 因实施 2024 年中期权益分派,本公司的相关证券停复牌情况如 ...

证券代码：601009 证券简称：南京银行 公告编号：2024-052 优先股简称：南银优 1 优先股代码：360019 南银优 2 360024 可转债简称：南银转债 可转债代码：113050 南京银行股份有限公司 2024 年半年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利人民币 0.34626 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/31 | － | 2024/11/1 | 2024/11/1 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 20 日的 2023 年年度股东大会、2024 年 8 月 16 日 的 2024 年第二次临时股东大会、2024 年 9 月 2 日的第十届董事会第六次会议审议通过。 二、 分配方案 1 ...

Investment Rating - The report maintains a "Recommended" rating for Nanjing Bank, with a target price of 10.30 CNY, corresponding to 0.7 times the 2024 PB as of October 23, 2024 [2][4]. Core Views - Nanjing Bank has demonstrated stable growth in revenue and net profit, with a year-on-year revenue increase of 8.0% and a net profit growth of 9.0% for the first three quarters of 2024. The bank's asset quality remains stable, with a non-performing loan ratio of 0.83% and a provision coverage ratio of 340% [1][2]. - The bank's expansion strategy is effective, particularly in retail and corporate lending, with personal loan growth of 8.0% and corporate loan growth of 15.7% in the same period. The bank is actively supporting key sectors such as technology and green finance [1][2]. - The bank has maintained a dividend payout ratio above 30% over the past three years, enhancing its attractiveness for investors [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, Nanjing Bank achieved a revenue of 38.6 billion CNY, a year-on-year increase of 8.0%, and a net profit of 16.7 billion CNY, up 9.0% year-on-year. The cost-to-income ratio improved to 25.3% [1][2]. - The bank's total assets, loans, and deposits grew by 13.7%, 13.7%, and 4.5% year-on-year, respectively, indicating a robust expansion [1][10]. Asset Quality - The non-performing loan ratio remained stable at 0.83%, with a slight improvement in personal loan quality. The bank's provision coverage ratio stands at 340%, reflecting strong risk management [1][37]. Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.93 CNY, 2.07 CNY, and 2.22 CNY, respectively. The bank's price-to-earnings (P/E) ratio is expected to remain around 5 [2][36].

Investment Rating - The report maintains a "Buy" rating for Nanjing Bank, with a target price of 11.85 CNY, corresponding to a 0.82 times price-to-book ratio for 2024 [6][2]. Core Views - Nanjing Bank's new management is actively reforming the bank, focusing on optimizing the asset-liability structure, with loans now accounting for 48.6% of total assets. Revenue and net profit growth are expected to improve quarter by quarter [1]. - The bank is solidifying its customer base, with fee income growth turning positive ahead of peers, and retail and private banking AUM increasing by 10.5% and 14.8% respectively since the beginning of the year [1]. - The bank's plan to establish 300 new branches is progressing well, achieving full coverage in Jiangsu's county areas, with four new branches opened in Q3 2024 [1]. - The report adjusts the net profit growth forecast for 2024-2026 to 9.4%, 10.1%, and 10.3%, respectively, with corresponding BVPS of 14.50 CNY, 16.29 CNY, and 17.90 CNY [1]. Financial Summary - For 2024, the expected revenue is 48,947 million CNY, with a growth rate of 8.4%. The net profit attributable to the parent company is projected at 20,243 million CNY, reflecting a growth of 9.4% [4]. - The bank's cost-to-income ratio decreased by 0.9 percentage points year-on-year to 24.5%, while the net profit for Q3 2024 increased by 10.2% year-on-year [1][4]. - The asset quality remains strong, with a non-performing loan ratio stable at 0.83% and a slight increase in the attention rate to 1.14% [1][4]. Performance Trends - In Q3 2024, revenue grew by 8.4%, with net interest income increasing by 8.7%. The net interest margin showed signs of recovery, with a significant narrowing of the year-on-year decline [1]. - The bank's loan growth was 13.7% year-on-year, with corporate and retail loans increasing by 134 billion CNY and 166 billion CNY, respectively [1]. - The deposit growth was under pressure, with a year-to-date increase of only 2.4% [1].

Investment Rating - The report maintains a "Buy" rating for Nanjing Bank (601009.SH) with a current price of 10.30 CNY [1]. Core Views - Nanjing Bank's revenue and profit have shown steady growth, with a 8% year-on-year increase in revenue to 38.56 billion CNY and a 9% increase in net profit to 16.66 billion CNY for the first three quarters of 2024 [1][4]. - The bank's return on average equity (ROAE) stands at 15.1%, a slight decrease of 0.2 percentage points year-on-year [1]. - Shareholder confidence is reflected in increased shareholdings, with significant purchases made by major shareholders [8]. Summary by Sections Revenue and Profit Growth - For the first three quarters of 2024, Nanjing Bank's revenue, pre-provision profit, and net profit grew by 8%, 10.1%, and 9% respectively, indicating stable growth compared to the first half of 2024 [4]. - Net interest income and non-interest income growth rates were -1.4% and 19.8%, showing improvements in non-interest income compared to the previous half [4]. Deposit and Loan Trends - As of Q3 2024, the bank's interest-bearing liabilities and deposits grew by 13.5% and 4.5% year-on-year, with a decrease in deposits of 15.9 billion CNY in the quarter [5][6]. - The bank maintained a high loan growth rate, with a year-on-year increase of 13.7% in loans, and a significant rise in retail loans due to new credit card products [6]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio remained low at 0.83%, with a strong risk coverage capability indicated by a provision coverage ratio of 340.4% [7][15]. - The bank's capital adequacy ratios improved, with the core tier 1 capital ratio reaching 9.0% [8][16]. Future Outlook and Valuation - The bank's net profit growth forecasts for 2024-2026 are set at 7.7%, 9.2%, and 10.7%, with adjusted earnings per share (EPS) estimates of 1.86, 2.03, and 2.25 CNY respectively [8][10]. - The current price-to-book (PB) and price-to-earnings (PE) ratios are projected to be 0.71, 0.65, and 0.59, and 5.54, 5.07, and 4.58 for the respective years [10][17].

| 证券简称: 南京银行 | 证券代码: 601009 | 编号: 2024-051 | | --- | --- | --- | | 优先股简称：南银优 1 | | 优先股代码：360019 | | 南银优 2 | | 360024 | | 可转债简称：南银转债 | | 可转债代码：113050 | 南京银行股份有限公司关于调整 2024 年中期利润分配方案的提示性公告 特别提示： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例：因本公司普通股总股本发生变动，需相应调整利润分配方案， 按照维持分配总额不变的原则，每股派发现金红利由0.3587元人民币（含税）调整 为0.34626元人民币(含税)。 本次调整原因：鉴于本公司可转换公司债券"南银转债"转股，致使本公司 普通股总股本由10,343,793,521股(2024年6月30日)变动至10,715,554,295股(2024 年10月23日)。本公司按照维持分配总额不变的原则，对2024年中期利润分配方案进 行相应调整。 南京银行股份有限公司（ ...

| 证券简称: 南京银行 | 证券代码: 601009 | 编号:2024-050 | | --- | --- | --- | | 优先股简称：南银优 1 | | 优先股代码：360019 | | 南银优 2 | | 360024 | | 可转债简称：南银转债 | | 可转债代码：113050 | 南京银行股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 特别提示： 南京银行股份有限公司（以下简称"本公司"）将于 2024 年 10 月 24 日在 上海证券交易所网站（www.sse.com.cn）披露本公司 2024 年第三季度报告。为 便于广大投资者更全面深入地了解本公司 2024 年第三季度业绩和经营情况，本 公司拟于 2024 年 10 月 30 日（星期三）上午 9:00-10:00 召开 2024 年第三季度 业绩说明会，就投资者普遍关注的问题进行交流。 一、业绩说明会召开类型 本次业绩说明会以网络文字互动形式召开，本公司将就 2024 年第三季度业 绩和经营情况与投资者进行交流和沟通，在信息披露允许的范围内就投资者普遍 关注的问题进行交流。 1 本公司董事会及全体董事保证本公告内容不 ...

| 证券简称: 南京银行 | 证券代码: 601009 | 编号: 2024-048 | | --- | --- | --- | | 优先股简称：南银优 1 | | 优先股代码：360019 | | 南银优 2 | | 360024 | | 可转债简称：南银转债 | | 可转债代码：113050 | 一、关于审议《南京银行股份有限公司 2024 年第三季度报告》的议案 会议对本公司 2024 年第三季度报告发表书面意见如下： 1.董事会的编制和审议程序符合法律、行政法规和中国证监会的规定； 2.报告的内容能够真实、准确、完整地反映本公司的实际情况； 3.所有参与编制和审议的人员未发现违反保密规定的行为。 第十届监事会第六次会议决议公告 特别提示： 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 南京银行股份有限公司（以下简称"本公司"）第十届监事会第六次会议于 2024 年 10 月 23 日以现场方式在本公司河西总部大楼召开。会议通知及会议文 件已于 2024 年 10 月 12 日发出。会议由监事长吕冬阳先生提议召开并主持 ...