\u3000\u3000 Bank Of Ningbo Co.Ltd(002142) (002142)
The event company released the 2021 annual performance express.
In 2021, the company achieved an operating revenue of 52.721 billion yuan, a year-on-year increase of 28.24%, and the net profit attributable to the parent company was 19.515 billion yuan, a year-on-year increase of 29.67%, higher than the growth rate in the first three quarters; Roe (weighted average) was 16.58%, with a year-on-year increase of 1.68 percentage points; Basic Eps3 12 yuan, a year-on-year increase of 28.40%. The company’s outstanding performance is expected to be mainly affected by the high growth of a number of business income.
The asset side structure was optimized and the momentum of credit growth was strong. By the end of 2021, the company’s total assets were 201.5284 billion yuan, an increase of 23.88% over the end of 2020; Among them, various loans amounted to 862.709 billion yuan, an increase of 25.45% over the end of 2020, with strong growth momentum, accounting for 42.81% of total assets, an increase of 0.54 percentage points year-on-year. Structural optimization helped to improve the asset side yield and interest margin; The debt side deposits maintained steady and rapid growth, with the growth rate better than that at the end of the third quarter. By the end of 2021, the company’s deposits amounted to 1052.912 billion yuan, an increase of 13.81% over the end of 2020.
The non-performing ratio remained low, the provision coverage continued to improve, and the risk offset capacity was thickened. By the end of 2021, the company’s non-performing loan ratio was 0.77%, down 0.02 and 0.01 percentage points respectively compared with the end of 2020 and the end of September 2021, maintaining a low level among Listed Banks. The provision coverage ratio continues to be better than that of peers and continues to improve, with strong risk offset ability. By the end of 2021, the company’s provision coverage was 522.01%, up 16.42 and 6.71 percentage points respectively from the end of 2020 and the end of September 2021; The loan allocation ratio was 4.03%, an increase of 0.02 percentage points over the end of the previous year.
By December 13, 2021, the company’s allotment had been issued and listed, with a cumulative subscription amount of RMB 11.894 billion, which was mainly used to supplement the core Tier-1 capital, help the follow-up business development and open up space for sustainable profit growth.
The investment suggestion company is deeply engaged in the economically developed areas of the Yangtze River Delta, focusing on the expansion of large retail and light capital business, with excellent business quality and profitability ranking at the forefront of the industry. The growth momentum of asset side credit is strong, the contribution of personal loans to consumer credit is high, and the structure is excellent, supporting the net interest margin and keeping the industry better. Debt side deposits account for nearly 60%, with obvious cost advantages. The company is committed to building a diversified profit center, continue to promote the construction of the moat of the four businesses of Treasury, Guojin, retail companies and wealth management, accumulate comparative advantages, superimpose the landing of allotment, supplement the core Tier-1 capital, help business expansion, and there is more room for continuous growth of subsequent profits. We are optimistic about the company’s future development prospects. In combination with the company’s fundamentals and stock price elasticity, we maintain the “recommended” rating, bvps23 from 2022 to 2023 09 / 26.52 yuan, corresponding to the current share price of PB1 57X/1.37X。，
The risk indicates that the macroeconomic growth is less than expected, resulting in the risk of deterioration of asset quality.
