20240208-华安证券-宁波银行-002142.SZ-营收增速环比上行_存贷增长强劲_4页_359kb
报告摘要
- Financial performance in 2023 showed revenue growth of +64% and net profit attributable to parents of +106%. Quarterly revenue in Q4 reached 14.3 billion with year-over-year increase of 95%, while net profit growth slowed to +9% YoY in Q4, influenced by lower interest margins.
- Credit growth was robust, with loan scales increasing by 1,976% in 2023, supported by strong Q4 lending. Assets rose by +146%, primarily from loans, while deposit growth moderated to +2076%, narrowing the gap with loan expansion.
- Asset quality remained stable, with a net interest margin of 9.9% in 2023, bad rate at 0.76%, and write-off coverage at 4,613.6%.
- Investment recommendation: Maintain "Buy" rating based on strong market positioning and governance, with potential for synergy from diversified services like consumer finance and fund management. Risk factors include economic downturn and interest rate pressures.
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