Bank of Ningbo (002142): Assets and liabilities structure continues to adjust
Event October 31, 2019, Bank of Ningbo announced the third quarter of 2019 results.
Key points of investment: Profit before provision increases by 20 per year.
3%: operating income of 255 in the first three quarters of 2019.
500 million US dollars, an annual increase of 20.
4%, realized a profit 杭州夜网 before provision of 16.8 billion yuan, a year-on-year increase of 20.
At 3%, net profit attributable to mothers was 11.7 billion yuan, a year-on-year increase of 20%.
The balance of deposits increased by 20 compared with the beginning of the year.
7%, loan budget increased by 16 compared with the beginning of the year.
7%, expected to grow risky assets16.
In the third quarter of 2019, the net interest margin of the single quarter decreased by 3BP month-on-month: The net interest margin fell month-on-month, and the major debt-side costs rose more than the asset side.
In the third quarter, the average yield on the asset side in the third quarter increased by 6 BP from the previous quarter, and structurally, loans increased by 6 from the previous quarter.
4%, interbank assets contracted 30% MoM.
The debt-side comprehensive cost ratio increased by 11 BP, of which deposits increased by 2 from the previous quarter.
5%, peer resistance 10% doping.
In the third quarter, new loans in the third quarter were 30.2 billion yuan, an increase of 6 from the previous quarter.
4%: According to the single quarter data in the third quarter, the credit increased by 30.2 billion yuan, an increase of 6 from the previous quarter.
4%, the new additions contributed 50% each to the business and retail business.
In terms of deposits, growth is still mainly due to the growth in corporate deposits.
Net settlement fee income in the first three quarters increased by 33% each year, and the year-on-year growth rate continued to rise: The rapid growth in fee income is still expected to benefit from the rapid expansion of retail business, the increase in bank card business and agency business.
Other non-interest income increased by 70%, and comprehensive non-interest income increased by 49% each year.
The non-performing ratio in the third quarter was 0.
78%, the same as in the second quarter and the initial period: the third quarter of the single quarter non-performing net generation rate.
84%, compared with 0 in the second quarter.
82% were basically flat.
Provision coverage in the third quarter continued to increase, reaching 525%, an increase of 3 from the second quarter.
Profit forecast and investment suggestions: Benefiting from the adjustment of the asset-side structure, the proportion of loans has increased, and the overall yield on the asset side has gone up.
However, the increase in the cost of the resistor side has exceeded, pulling down the interest margin, and the overall asset quality remains stable.
The company currently expects a corresponding PB estimate for 2019-2020 of 1.
83 times, 1.
59 times, maintaining the “overweight” rating.
Risk factors: The economic recession is better than expected; the market decline presents systemic risks.