\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 20.80% year-on-year
In 2022q1, Bank Of Ningbo Co.Ltd(002142) achieved revenue / net profit attributable to parent company of 15.263 billion / 5.720 billion respectively, with a year-on-year increase of 15.40% / 20.80% respectively. In the revenue, the net interest income / commission income / investment income were 9.494 billion / 1.809 billion / 3.591 billion respectively, with a year-on-year increase of 12.6% / 0.9% / 64.1% respectively. Roe decreased by 23.63% year-on-year.
Asset negative matching: public deposits and loans grew rapidly, and the net interest margin improved month on month
At the end of the reporting period, the balance of loans and advances reached 929914 billion, a year-on-year increase of 26.3%. Among them, corporate loans / personal loans / bill discounting were 514706 billion / 339774 billion / 75.434 billion respectively, with a year-on-year increase of 27.9% / 18.7% / 57.1% respectively.
The balance of deposits reached 1298669 billion, a year-on-year increase of 25.2%. Among them, corporate deposits / personal deposits were 1050246 billion / 248423 billion respectively, with a year-on-year increase of 29.9% and 8.6% respectively.
The net interest margin was 2.24%, an increase of 0.03 percentage points over the end of the previous year.
Quality: asset quality remains excellent
At the end of the reporting period, the overall non-performing rate of the company was 0.77%, which was the same as that at the end of the previous year. The provision coverage rate was 524.78%, down 0.74 percentage points from 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 23.384/27.976/33.881 billion yuan respectively, with a year-on-year increase of 19.64% / 19.64% / 21.11%, and the corresponding EPS will be 3.54/4.24/5.13 yuan respectively. Maintain the “buy” rating.
Risk tips
The impact of the epidemic on the macro economy exceeded expectations.
