\u3000\u3 China Vanke Co.Ltd(000002) 142 Bank Of Ningbo Co.Ltd(002142) )
Overall: the net profit attributable to the parent company in 2021 increased by 29.87% year-on-year
In 2021, Bank Of Ningbo Co.Ltd(002142) realized revenue / net profit attributable to parent company of 52.774 billion / 19.546 billion respectively, with a year-on-year increase of 28.37% / 29.87% respectively. Roe was 16.63%, with a year-on-year increase of 1.73 percentage points.
Loans: small and micro enterprises and personal loans maintained rapid growth
At the end of the reporting period, the balance of loans and advances reached 862709 billion, a year-on-year increase of 25.4%. Among them, the balance of corporate loans / wholesale company loans / retail company loans was 450818 billion / 284.7 billion / 139.2 billion respectively, with a year-on-year growth rate of 24.2% / 14.9% / 28.3% respectively; The balance of personal loans / consumer loans / business loans / housing loans was 333128 billion / 219847 billion / 75.968 billion / 37.313 billion respectively, with a year-on-year growth rate of 27.3% / 23.2% / 26.6% / 60.4% respectively.
At the end of the reporting period, the number of small and micro teams reached 320, with a total number of 2774. The average loan balance of the team was 435 million yuan and the per capita loan balance was 50 million yuan, both significantly higher than that in the same period last year.
The number of retail company customers / credit customers reached 370000 / 120000 respectively, with a year-on-year increase of 3.3% / 2.2% respectively, and the year-on-year growth rate decreased.
Intermediate income: net income from handling fees and commissions increased by 30.27% year-on-year
During the reporting period, the net income from handling fees and commissions was 8.262 billion yuan, a year-on-year increase of 30.27%. Among them, the income from handling fees and commissions was 9.425 billion yuan, a year-on-year increase of 28.84%. In terms of breakdown, the revenue from agency business was 7.839 billion yuan, a year-on-year increase of 33.09%; The revenue from guarantee business was 624 million yuan, a year-on-year increase of 8.15%; The revenue from custody business was 482 million yuan, a year-on-year increase of 29.92%. The settlement income was 264 million yuan, a year-on-year increase of 3.53%.
Bank Of Ningbo Co.Ltd(002142) app users reached 5.71 million, with a year-on-year increase of 25.3%.
At the end of the reporting period, the Aum of the company’s individual customers reached 656.2 billion yuan, a year-on-year increase of 23%. The number of private bank customers was 12974, with a year-on-year increase of 70.3%; The corresponding AUM was 146.4 billion yuan, a year-on-year increase of 53.1%.
Quality: the non-performing rate decreased and the provision coverage increased
At the end of the reporting period, the company’s non-performing rate was 0.77%, down 0.02 percentage points from the end of the previous year. The provision coverage rate was 525.52%, an increase of 19.93 percentage points over the end of the previous year.
Investment advice
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 23.611288.75/35.005 billion yuan respectively, with a year-on-year increase of 20.80% / 22.29% / 21.23%, and the corresponding EPS will be 3.77/4.61/5.59 yuan respectively. Maintain the “buy” rating.
Risk tips
The impact of the epidemic on the macro economy exceeded expectations.
