NJBK(601009) 新浪财经·2025-04-22 08:27Core Viewpoint - Nanjing Bank reported strong financial performance for 2024 and Q1 2025, with revenue and net profit growth driven by increased interest income and non-interest income, despite some challenges in asset quality and capital adequacy [1][2][8]. Financial Performance - For 2024, Nanjing Bank achieved revenue of 50.3 billion yuan, a year-on-year increase of 11.3%, and a net profit of 20.2 billion yuan, up 9.1% [1]. - In Q1 2025, revenue reached 14.2 billion yuan, growing 6.5% year-on-year, with net profit at 6.1 billion yuan, reflecting a 7.1% increase [1][2]. - The bank's non-performing loan (NPL) ratio remained stable at 0.83% for both Q4 2024 and Q1 2025, while the provision coverage ratio decreased to 324% [1][7]. Revenue Drivers - The significant increase in net interest income was a key contributor to the revenue performance, with 2024 and Q1 2025 net interest income growing by 4.6% and 17.8% year-on-year, respectively [2]. - Other non-interest income saw a substantial increase of 31% in 2024 but declined by 11% in Q1 2025, impacting overall revenue growth [2][6]. - The bank's proactive provisioning efforts aimed at maintaining asset quality negatively impacted profit growth by 2.3% in 2024 and 2.9% in Q1 2025 [2][7]. Loan Growth and Structure - Loan growth remained robust, with a year-on-year increase of 14.3% in Q4 2024 and 14.6% in Q1 2025, driven primarily by retail lending [4][5]. - In 2024, approximately 1.6 billion yuan in new loans were issued, with over 1.2 billion yuan directed towards corporate lending in key sectors such as technology and green finance [4][5]. - The bank's branch network expanded to 290 locations by the end of 2024, with a focus on enhancing service delivery in key urban areas [5]. Interest Margin and Cost of Funds - The bank's interest margin for 2024 was estimated at 1.34%, a slight decrease of 10 basis points year-on-year, while Q1 2025 saw a marginal increase to 1.44% [6]. - The decline in funding costs contributed to the stabilization of the interest margin, with funding costs dropping to 2.31% in the second half of 2024 [6][7]. Asset Quality and Capital Adequacy - Nanjing Bank maintained a leading position in asset quality, with a stable NPL ratio and a slight increase in the attention rate [7]. - The core Tier 1 capital adequacy ratio fell to 8.89% in Q1 2025, indicating potential capital pressure amid rapid asset growth [3][7]. - The bank's proactive approach to asset disposal has helped maintain overall asset quality despite some challenges in the retail segment [7]. Investment Outlook - The strong performance in Q1 2025 sets a solid foundation for the year, with expectations for sustainable profit improvement driven by volume growth and stable pricing [8]. - The bank's projected net profit growth rates for 2025-2027 are 8%, 9.2%, and 9.4%, respectively, reflecting a cautious adjustment in profit forecasts [8].