On the evening of April 29, the Bank of Ningbo officially released its 2024 quarterly report. The company achieved net profit of 7.013 billion yuan in the first quarter, an increase of 6.29% over the previous year; achieved operating income of 17.509 billion yuan, an increase of 5.78% over the previous year; the non-performing loan ratio was 0.76%, and asset quality continued to maintain the superior level in the industry.

In the first quarter of 2024, in the face of the complex and changing external economic situation, the Bank of Ningbo, under the leadership of the board of directors, actively adapted to changes in the business environment, actively implemented the country's macro-control requirements, made “five major articles” through practical actions, and continued to promote the high-quality and sustainable development of banks in serving the real economy.

Revenue continues to grow steadily and profitability remains stable

In 2024, the Bank of Ningbo will continue to focus on the business idea of “focus on main business and service entities”, respond positively to national policy guidelines, demonstrate the mission and responsibility of finance for the people, increase support for key areas and weak links in social development such as private small and micro enterprises, manufacturing enterprises, import and export enterprises, and people's livelihood consumption, and enhance the breadth and depth of services. Give full play to the competitiveness of “specialization”, continue to enhance the driving force of “digitalization”, actively promote the implementation of the digital China strategy in the Bank of Ningbo, adhere to the open banking concept, continuously enrich digital financial service solutions represented by “Kunpeng Treasury” and “Five Guards and Two Treasures”. By launching the “Bobo Knows” and “A Beautiful Life” platform pilot, we are fully exploiting the bank's platform advantages to deeply integrate banking services with customer production, operation, life and work scenarios, and strive to maximize value creation.

In the first quarter of 2024, Bank of Ningbo achieved net profit of 7.013 billion yuan, up 6.29% year on year; achieved operating income of 17.509 billion yuan, up 5.78% year on year; annualized weighted average return on net assets was 15.51%, up 0.43 percentage points from the beginning of the year; and return on total assets was 1.00%.

Various businesses are being developed in a coordinated manner, and the scale of assets is growing steadily

In 2024, Bank of Ningbo will continue to take advantage of multiple licenses, develop collaboratively, focus on solving customer pain points, meet the comprehensive financial needs of various customers through “professional+technology”, and achieve steady profit growth. Within the company itself, the nine profit centers of corporate banking, retail companies, investment banks, bill business, asset custody, financial markets, wealth management, consumer credit, and credit cards are growing steadily; in terms of subsidiaries, the four profit centers of Yongying Fund, Yongying Gold Leasing, Ningyin Wealth Management, and Ningyin Consumer Finance are collaborating and developing well.

The first quarterly report shows that Bank of Ningbo's profit centers continue to expand their customer base, deepen operations, promote the coordinated development of various businesses, and continue to grow steadily in asset scale. By the end of March 2024, the company's total assets were 2,888.206 billion yuan, up 6.51% from the beginning of the year; various loans amounted to RMB 1,362.110 billion, an increase of 8.73% over the beginning of the year; and various deposits amounted to RMB 1,819.888 billion, an increase of 16.20% over the beginning of the year.

Risk management is continuously improved, and asset quality remains excellent

In 2024, in the face of fluctuating economic cycles and changes in the internal and external economic situation, the company will continue to adhere to the concept of “operating a bank is operating risk”, firmly establish a solid line of risk defense, strengthen the integration of risk management and business development, continuously improve the forward-looking, accuracy and effectiveness of risk management, build a strong risk barrier, and consolidate the foundation for sustainable development. While scale and efficiency are developing steadily, asset quality continues to remain stable.

As of the end of March 2024, the company's non-performing loan ratio was 0.76%, the same as at the beginning of the year; the loan ratio was 3.27%, the provision coverage rate was 431.63%, and the risk compensation capacity remained at a good level.

Source: Qianjiang Evening News Chao News Client