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        宁波银行:上半年盈利增长符合预期,净息差环比继续提升

        2019年09月11日 17:17:35字号:T|T

            宁波银行上半年盈利增长符合预期, 手续费快增表现亮眼, 净息差环比继续提升,资产质量依然保持行业最优水平。 考虑公司长期稳健的盈利能力以及较强的风险抵御能力, 基本面持续优异, 维持公司买入评级。

            支撑评级的要点 盈利增长符合预期,手续费快增表现亮眼宁波银行上半年拨备前净利润同比增 21.1%,较 1季度放缓 3.8个百分点,但2季度公司信贷成本环比降 9bps 支撑公司上半年净利润同比增 20.0%,增速与1季度持平,符合我们预期。上半年营收同比增速 19.7%,总体仍保持高速增长,但较 1季度( +23.4%, yoy)放缓 3.7个百分点,主要是由于净利息收入增长放缓,同比增 11.3%( vs2019Q1, 18.0%, yoy)。公司净利息收入受到了 19年实施新金融工具准则的扰动,为更好的还原利息收入的增长,我们通过净利息收入和投资收益的合并口径考虑,同比增 11.7%,较 1季度同比 15.7%的增速仍放缓 4个百分点。公司上半年净手续费收入增长表现亮眼,增速较 1季度进一步提升 6.8个百分点至 24.2%,主要由于信用卡分期业务的快速发展,银行卡相关收入同比增 56.0%。

            信贷投放积极,净息差环比继续提升规模方面,宁波银行 2季度信贷投放保持积极,贷款环比增 5.77%,环比增速较 1季度( +4.13%)进一步提升,带动贷款实现 24.5%的同比高增。结构上,公司贷款和个人贷款分别较年初增 10.6%/0.2%,两类贷款的占比基本保持稳定。截至 2019H,宁波银行总资产在贷款快增的带动下同环比分别增12.0%/3.83%,同比增速较 1季度提升 3.4个百分点。负债端,存款 2季度增长季节性放缓,环比增长 1.57%,但较去年同期依然保持 20.2%的高增长,反映公司优于同业的吸储能力。宁波银行上半年净息差 1.81%,同比持平,剔除新金融工具准则影响后,同口径同比上升 26BP。我们测算宁波银行 2季度单季净息差为 1.69%,较 1季度继续提升 3BP,主要源于在同业负债成本下行带动下,负债端成本降幅大于资产端收益的下行。

            不良率维持低位,拨备继续夯实宁波银行 2季度不良率为 0.78%,环比一季度持平,不良贷款率继续保持行业低位。 2季度关注类贷款占比环比下降 1BP 至 0.63%,公司资产质量持续优异。我们测算公司 2季度不良生成率约为 0.48%, 维持在较低水平,较 1季度下降 52BP。截至 2季度末,宁波银行逾期 90天以上贷款/不良贷款比例为96.45%,较 2018年末上升 14.02个百分点,不良认定标准较 2018年略有放松。

            公司继续夯实拨备,2季度拨备覆盖率环比提升 2pct 至 522%,拨贷比提升 3BP至 4.09%,拨备水平继续保持在上市银行最高水平。

            估值 我们维持公司 19/20年净利润增速 19.0%/18.7%,目前公司股价对应2019/20年 PE 为 9.36x/7.88x, 19/20年 PB 为 1.63x/1.40x。

            评级面临的主要风险 资产质量下滑超预期。

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