Bank of Ningbo(002142) 中泰证券·2024-04-09 16:00Investment Rating - The report maintains an "Accumulate" rating for Ningbo Bank [1] Core Views - In 2023, Ningbo Bank's revenue grew by 6.4% year-on-year, while net profit increased by 10.7%, indicating a recovery in revenue growth despite a marginal decline in profit growth [4][6] - The bank's net interest income rose by 9.0% year-on-year, although the growth rate decreased by 1.9 percentage points compared to the third quarter of 2023 [4][6] - The bank's asset quality remains stable, with a non-performing loan ratio of 0.76% at the end of the fourth quarter of 2023, unchanged from the previous quarter [17] Financial Performance Summary - Total revenue (in million) for 2022 was 57,872, and for 2023 it was 61,572, with projections of 64,789 for 2024 [4] - Net profit (in million) for 2022 was 23,075, and for 2023 it was 25,535, with projections of 27,505 for 2024 [4] - Earnings per share (in yuan) for 2022 was 0.5, and for 2023 it was 0.6, with projections of 0.62 for 2024 [4] Revenue and Profit Growth - Revenue growth in 2023 was primarily driven by a significant contribution from retail on both the asset and liability sides [4][10] - Non-interest income showed a year-on-year increase of 1.5%, mainly due to a low base effect from other non-interest income [15] Asset and Liability Structure - In the fourth quarter of 2023, new loans amounted to 35.934 billion yuan, with retail loans contributing significantly to this growth [10][11] - The bank's deposit scale decreased, with a quarterly decline of 189.6 billion yuan, primarily due to a reduction in corporate demand deposits [10][11] Asset Quality - The non-performing loan ratio remained stable at 0.76%, with a slight increase in the ratio of loans under special attention to 0.65% [17][18] - The provision coverage ratio decreased to 461.07%, down by 19.47 percentage points from the previous quarter [17][18] Dividend Policy - The dividend payout ratio increased to 15.99% in 2023, compared to 14.8% in 2022 [19] Capital Adequacy - As of the end of the fourth quarter, the core tier 1 capital adequacy ratio was 9.64%, showing a slight decline [19] Shareholder Changes - Notable changes among the top ten shareholders include an increase in holdings by Youngor Fashion Co., Ltd. and a decrease by Singapore Overseas Chinese Banking Corporation [20]