宁波银行(002142)信贷规模高增息差企稳回升

表1：关键财务指标概览（单位：百万元）2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1环比变化营业收入同比增速17.56%15.21%9.67%8.45%9.29%5.45%6.40%5.78%-0.63pct拨备前利润同比增速17.96%15.46%8.88%6.36%7.68%1.23%3.16%8.81%5.65pct归母净利润同比增速18.37%20.16%18.05%15.35%14.90%12.55%10.66%6.29%-4.37pctROE（年化）16.04%16.16%15.56%16.90%16.15%15.94%15.08%15.51%0.43pctROA（年化）1.06%1.06%1.05%1.08%1.04%1.02%1.01%1.00%-0.01pct净息差1.96%1.99%2.02%2.00%1.93%1.89%1.88%1.90%0.02pct净利差2.16%2.17%2.20%2.15%2.08%2.04%2.01%1.97%-0.04pct成本收入比33.98%34.76%37.29%33.75%34.83%37.23%38.99%31.53%-7.46pct总资产同比增速22.14%21.39%17.39%13.82%16.10%15.31%14.60%14.35%-0.26pct贷款同比增速24.33%22.33%21.25%17.95%18.11%18.93%19.76%24.18%4.42pct存款同比增速19.73%19.48%23.19%22.11%24.17%26.60%20.76%14.77%-5.99pct贷款/生息资产44.96%45.49%44.59%43.74%45.62%46.01%46.52%47.80%1.28pct存款/计息负债63.22%61.90%61.62%69.94%67.11%66.47%64.34%70.00%5.66pct贷款较年初增量126,772160,442183,29350,871122,658170,782206,716109,392-97,324存款较年初增量196,868199,285244,198288,697254,792288,169269,213253,690-15,523不良贷款余额7,5877,8707,8468,2988,8589,2709,49910,330831不良贷款率0.77%0.77%0.75%0.76%0.76%0.76%0.76%0.76%0.00pct拨备覆盖率521.77%520.22%504.90%501.47%488.96%480.57%461.04%431.63%-29.41pct关注贷款率0.48%0.47%0.58%0.54%0.55%0.54%0.65%0.74%0.09pct逾期贷款率0.76%0.82%0.85%0.93%逾期90天以上/不良73.55%67.82%76.74%73.54%逾期1年以上/损失178.16%0.00%114.65%0.00%149.23%0.00%49.43%0.00%逾期/不良99.05%108.86%112.41%123.00%（重组+逾期）/不良110.41%126.13%128.35%135.60%不良净新生成率1.11%1.05%1.00%0.93%0.87%0.89%0.96%1.28%0.33pct不良核销转出率115.67%111.48%112.03%100.94%90.59%93.89%106.30%133.95%27.65pct核心一级资本充足率9.87%9.96%9.75%9.60%9.76%9.72%9.64%9.26%-0.38pct资本充足率14.71%16.21%15.18%14.78%14.80%15.26%15.01%14.26%-0.75pct数据来源：，备注：营业收入、拨备前利润、归母净利润、ROE（年化）、ROA（年化）、净息差、净利差、不良新生成率为当年累计数据。图1：累计营收、PPOP、归母净利润同比增速40.0%

营业收入同比增速 拨备前润同增速 归母净润同增速35.0%30.0%25.0%20.0%15.0%10.0%5.0%0.0%

8.8%6.3%5.8%-5.0%-10.0%数据来源：，表2：累计业绩同比增速2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1环比变化营业收入17.6%15.2%9.7%8.5%9.3%5.5%6.4%5.78%-0.63pct净利息收入8.3%11.3%14.8%8.0%16.6%10.9%9.0%12.2%3.16pct非息收入34.0%21.8%1.4%9.2%-1.2%-3.0%1.6%-4.7%-6.22pct净手续费收入5.0%-7.9%-9.6%2.9%1.3%3.5%-22.8%-22.8%-0.08pct其他非息收入51.3%40.9%9.1%12.1%-2.2%-5.7%15.7%3.0%-12.69pct营业支出13.0%7.6%0.7%0.8%5.5%1.0%3.3%2.0%-1.30pct拨备前利润18.0%15.5%8.9%6.4%7.7%1.2%3.2%8.8%5.65pct利润总额24.2%27.4%23.6%20.3%14.4%11.5%10.4%10.5%0.16pct净利润18.0%20.0%18.0%15.8%15.2%12.7%10.7%6.3%-4.44pct归母净利润18.4%20.2%18.1%15.3%14.9%12.6%10.7%6.3%-4.37pct数据来源：，图2：累计同比业绩拆分（2024Q1）宁波银行2024Q1业绩驱动拆分14.2%6.3%14.2%6.3%6.3%14%12%10%8%6%4%2%0%生净净其税息息手他金资差续收及产 费支附规 收 加比模 入

拨 有 净 少 备 效 利 数 计 税 润 股 提 率 东 净 润利润数据来源：，图3：累计同比业绩拆分（2023A）18%16%14%12%10%8%6%4%2%0%

宁波银行2023A业绩驱动拆分16.6%10.7%10.7%16.6%10.7%10.7%息 息 资 差 产 规 模

其 税 他 金 收 及 支 附 加 比

拨 有 净 少 备 效 利 数 计 税 润 股 提 率 东 净 润利润数据来源：，表3：累计同比业绩拆分2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1环比变化生息资产规模24.4%22.8%21.8%16.7%17.5%18.1%16.6%14.2%-2.36pct净息差-16.1%-11.5%-7.0%-8.7%-0.8%-7.2%-7.5%-2.0%5.52pct净手续费收入-0.6%-3.6%-4.9%-0.8%-2.6%-1.2%-5.3%-5.4%-0.11pct其他收支9.6%7.3%-0.3%1.1%-4.8%-4.3%2.6%-1.2%-3.82pct税金及附加0.0%0.0%0.0%-0.1%0.0%-0.1%-0.2%-0.2%-0.06pct成本收入比0.6%0.4%-0.6%-1.8%-1.4%-4.1%-3.0%3.5%6.49pct拨备计提6.3%11.9%14.8%13.9%6.7%10.2%7.2%1.7%-5.49pct有效税率-6.2%-7.3%-5.7%-4.5%0.7%1.2%0.4%-4.2%-4.60pct净利润18.0%20.0%18.0%15.8%15.2%12.7%10.7%6.3%-4.44pct少数股东净利润0.4%0.1%0.1%-0.4%-0.3%-0.1%0.0%0.0%0.07pct归母净利润18.4%20.2%18.1%15.3%14.9%12.6%10.7%6.3%-4.37pct数据来源：，表4：累计业绩结构分母为营收2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1环比变化营业收入100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%0.00pct净利息收入58.8%60.8%64.8%61.9%62.8%64.0%66.4%65.7%-0.73pct利息收入128.1%129.3%136.0%129.6%135.8%141.1%147.4%141.9%-5.53pct利息支出69.2%68.4%71.2%67.6%73.0%77.1%81.0%76.2%-4.80pct非息收入41.2%39.2%35.2%38.1%37.2%36.0%33.6%34.3%0.73pct净手续费收入12.0%11.6%12.9%11.2%11.2%11.4%9.4%8.2%-1.16pct其他非息收入29.1%27.6%22.3%26.8%26.1%24.7%24.2%26.1%1.89pct营业支出58.2%57.7%56.1%57.0%56.1%55.3%54.5%54.9%0.46pct业务及管理费34.0%34.8%37.3%33.7%34.8%37.2%39.0%31.5%-7.46pct减值损失23.4%22.2%18.0%22.4%20.5%17.2%14.5%22.3%7.80pct拨备前利润65.1%64.3%61.7%65.2%64.2%61.8%59.8%67.1%7.28pct利润总额41.8%42.1%43.7%42.9%43.7%44.5%45.3%44.8%-0.52pct净利润38.3%38.4%40.0%40.0%40.4%41.1%41.6%40.2%-1.42pct归母净利润38.3%38.4%39.9%39.9%40.3%41.0%41.5%40.1%-1.41pct数据来源：，图4：单季度营收、PPOP、归母净利润同比增速50.0%

单季度营收、PPOP、归母净利润增速营业收同比速 拨备前润同增速 归母净润同增速40.0%30.0%20.0%10.0%0.0%

8.8%6.3%5.8%-10.0%-20.0%数据来源：，2022Q22022Q32022Q42023Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q1环比变化营业收入20.0%11.0%-5.8%8.5%10.2%-1.9%9.7%5.8%-3.88pct净利息收入3.4%17.1%25.0%8.0%27.1%0.9%4.1%12.2%8.10pct非息收入49.5%1.3%-50.5%9.2%-10.6%-7.0%30.0%-4.7%-34.66pct净手续费收入9.7%-27.2%-13.3%2.9%-0.3%8.2%-82.8%-22.8%59.92pct其他非息收入73.1%22.1%-82.4%12.1%-14.5%-13.6%508.2%3.0%-505.24pct营业支出10.1%-1.6%-19.5%0.8%11.1%-7.7%12.1%2.0%-10.11pct拨备前利润18.1%10.8%-12.1%6.4%9.2%-11.6%11.2%8.8%-2.41pct利润总额34.4%33.6%13.9%20.3%9.0%6.0%7.1%10.5%3.42pct净利润15.4%24.1%12.3%15.8%14.5%8.0%5.0%6.3%1.31pct归母净利润16.0%23.7%12.3%15.3%14.4%8.1%5.1%6.3%1.16pct数据来源：，2022Q22022Q32022Q42023Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q1环比变化生息资产规模26.9%21.8%19.5%16.7%15.7%17.0%16.2%14.2%-1.96pct净息差-23.4%-4.7%5.5%-8.7%11.4%-16.1%-12.1%-2.0%10.05pct净手续费收入1.1%-9.3%-9.3%-0.8%-5.0%1.0%-15.7%-5.4%10.35pct其他收支15.3%3.1%-21.8%1.1%-12.0%-3.8%21.3%-1.2%-22.50pct税金及附加0.1%0.1%-0.2%-0.1%0.0%-0.2%-0.4%-0.2%0.19pct成本收入比-1.8%-0.2%-5.8%-1.8%-1.0%-9.6%2.0%3.5%1.46pct拨备计提16.2%22.8%26.0%13.9%-0.2%17.5%-4.1%1.7%5.82pct有效税率-19.0%-9.5%-1.6%-4.5%5.5%2.0%-2.1%-4.2%-2.10pct净利润15.4%24.1%12.3%15.8%14.5%8.0%5.0%6.3%1.31pct少数股东净利润0.6%-0.4%0.0%-0.4%-0.1%0.1%0.2%0.0%-0.16pct归母净利润16.0%23.7%12.3%15.3%14.4%8.1%5.1%6.3%1.16pct数据来源：，图5：单季度同比业绩拆分（2023Q4）20%

宁波银行2023Q4单季度业绩驱动拆分16.2%5.0%16.2%5.0%5.1%10%5%0%-5%-10%-15%生 净息 息资 差产规模

净 其 税 成手 他 金 本续 收 及 收费 支 附 入收 加 比入

拨 有 净 少 备 效 利 数 计 税 润 股 提 率 东 净 润利润数据来源：，表7：单季度业绩结构分母为营收2022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q1环比变化营业收入100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%0.00pct净利息收入55.2%64.6%78.5%61.9%63.7%66.5%74.6%65.7%-8.86pct利息收入131.1%131.5%159.2%129.6%142.4%152.3%168.2%141.9%-26.32pct利息支出75.9%66.9%80.7%67.6%78.8%85.8%93.6%76.2%-17.46pct非息收入44.8%35.4%21.5%38.1%36.3%33.5%25.4%34.3%8.86pct净手续费收入12.3%10.7%17.4%11.2%11.1%11.8%2.7%8.2%5.47pct其他非息收入32.5%24.6%4.1%26.8%25.3%21.7%22.7%26.1%3.39pct营业支出54.8%56.9%50.6%57.0%55.3%53.5%51.7%54.9%3.23pct业务及管理费35.4%36.2%45.9%33.7%36.0%42.3%44.8%31.5%-13.26pct减值损失18.6%20.0%3.7%22.4%18.4%10.3%5.6%22.3%16.72pct拨备前利润63.7%62.8%52.7%65.2%63.1%56.6%53.4%67.1%13.68pct利润总额45.1%42.9%49.0%42.9%44.6%46.3%47.8%44.8%-3.05pct净利润39.3%38.6%45.2%40.0%40.9%42.5%43.2%40.2%-3.07pct归母净利润39.2%38.5%45.0%39.9%40.7%42.4%43.1%40.1%-3.05pct数据来源：，表8：累计ROE拆解2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1环比变化营业收入2.76%2.76%2.64%2.71%2.59%2.50%2.43%2.50%0.08pct净利息收入1.63%1.68%1.71%1.68%1.63%1.60%1.61%1.64%0.03pct净手续费收入0.33%0.32%0.34%0.30%0.29%0.28%0.23%0.21%-0.02pct其他非息收入0.81%0.76%0.59%0.73%0.67%0.62%0.59%0.65%0.07pct营业支出-1.61%-1.59%-1.48%-1.54%-1.45%-1.38%-1.32%-1.37%-0.05pct税金及附加-0.02%-0.02%-0.02%-0.02%-0.02%-0.02%-0.02%-0.03%0.00pct业务及管理费-0.94%-0.96%-0.99%-0.91%-0.90%-0.93%-0.95%-0.79%0.16pct减值损失-0.65%-0.61%-0.48%-0.61%-0.53%-0.43%-0.35%-0.56%-0.21pct营业利润1.16%1.17%1.16%1.16%1.14%1.12%1.10%1.13%0.02pct营业外净收入0.00%0.00%-0.01%0.00%0.00%0.00%-0.01%-0.01%0.00pct利润总额1.15%1.16%1.15%1.16%1.13%1.11%1.10%1.12%0.02pct所得税-0.09%-0.10%-0.10%-0.08%-0.09%-0.09%-0.09%-0.12%-0.03pct年化ROA1.06%1.06%1.06%1.08%1.05%1.03%1.01%1.00%0.00pct杠杆率15.1315.2514.8215.6515.5315.6314.9515.510.56年化ROE16.04%16.16%15.65%16.94%16.24%16.06%15.08%15.58%0.50pct数据来源：，备注：杠杆率同比变化的单位为“倍”。表9：单季度ROE拆解2022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q1环比变化营业收入2.66%2.84%2.39%2.71%2.51%2.40%2.26%2.50%0.24pct净利息收入1.47%1.84%1.88%1.68%1.60%1.59%1.69%1.64%-0.04pct净手续费收入0.33%0.30%0.41%0.30%0.28%0.28%0.06%0.21%0.14pct其他非息收入0.87%0.70%0.10%0.73%0.63%0.52%0.51%0.65%0.14pct营业支出1.46%1.62%1.21%1.54%1.39%1.28%1.17%1.37%0.21pct税金及附加0.02%0.02%0.02%0.02%0.02%0.02%0.03%0.03%0.00pct业务及管理费0.94%1.03%1.10%0.91%0.90%1.01%1.01%0.79%-0.22pct减值损失0.49%0.57%0.09%0.61%0.46%0.25%0.13%0.56%0.43pct营业利润1.20%1.22%1.18%1.16%1.12%1.11%1.09%1.13%0.04pct营业外净收入0.00%-0.01%-0.01%0.00%0.00%0.00%-0.01%-0.01%0.00pct利润总额1.20%1.22%1.17%1.16%1.12%1.11%1.08%1.12%0.04pct所得税0.15%0.12%0.09%0.08%0.09%0.09%0.10%0.12%0.01pct年化ROA1.05%1.10%1.08%1.08%1.03%1.02%0.98%1.00%0.03pct杠杆率15.1315.2514.8215.6515.5315.6314.9515.510.56年化ROE15.82%16.73%16.00%16.94%15.93%15.93%14.62%15.58%0.97pct数据来源：，备注：杠杆率同比变化的单位为“倍”。表10：净息差、净利差、生息资产收益率、计息负债成本率累计（披露值）2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化净息差1.96%1.99%2.02%2.00%1.93%1.89%1.88%1.90%-0.10pct净利差2.16%2.17%2.20%2.15%2.08%2.04%2.01%1.97%-0.18pct生息资产收益率4.26%4.25%4.17%4.16%计息负债成本率2.10%2.05%2.09%2.15%单季度（测算值）2022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q1环比变化净息差1.69%2.10%2.11%2.00%1.87%1.83%1.86%1.90%0.04pct净利差1.83%2.22%2.23%2.14%2.04%1.99%1.97%1.98%0.01pct生息资产收益率4.00%4.28%4.28%4.19%4.19%4.20%4.20%4.10%-0.10pct计息负债成本率2.18%2.06%2.05%2.05%2.15%2.21%2.23%2.12%-0.11pct数据来源：，备注：单季度测算时生息资产剔除交易性金融资产以及其他权益工具投资。表11：生息资产分项收益率、计息负债分项成本率、利息收支结构平均收益率2020H12020A2021H12021A2022H12022A2023H12023A同比变化贷款6.13%6.00%5.86%5.75%5.38%5.34%5.18%5.13%-0.21pct投资类资产4.08%4.03%3.94%3.83%3.49%3.46%3.36%3.36%-0.10pct存放央行1.38%1.42%1.30%1.36%1.30%1.35%1.38%1.40%0.05pct同业资产1.69%1.56%1.66%1.66%1.62%1.71%2.44%2.60%0.89pct平均付息率2020H12020A2021H12021A2022H12022A2023H12023A同比变化存款1.95%1.86%1.82%1.83%1.80%1.77%1.94%2.01%0.24pct向央行借款3.04%2.85%2.74%2.75%2.76%2.79%2.66%2.65%-0.14pct同业负债2.19%2.13%2.05%2.15%2.15%2.05%2.07%2.14%0.09pct发行债券3.51%3.40%3.31%3.10%2.85%2.76%2.56%2.60%-0.16pct利息收入结构2020H12020A2021H12021A2022H12022A2023H12023A同比变化贷款65.1%65.6%67.4%66.9%66.2%66.3%65.6%65.9%-0.38pct投资类资产30.0%30.0%29.1%29.4%30.2%30.0%30.0%29.7%-0.30pct存放央行2.3%2.3%2.0%2.0%1.8%1.8%1.9%1.9%0.10pct同业资产2.6%2.1%1.5%1.7%1.8%1.9%2.4%2.5%0.58pct利息支出结构2020H12020A2021H12021A2022H12022A2023H12023A同比变化存款63.7%61.4%57.2%54.4%51.8%52.5%60.7%61.3%8.77pct向央行借款3.7%3.8%7.0%6.6%6.0%5.7%3.9%3.9%-1.78pct同业负债11.0%13.0%15.5%16.2%16.3%15.9%14.7%15.6%-0.22pct发行债券21.6%21.8%20.0%22.5%25.7%25.7%20.5%19.0%-6.72pct数据来源：，表12：生息资产情况（单位：百万元）余额结构2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化贷款45.0%45.5%44.6%43.7%45.6%46.0%46.5%47.8%4.06pct投资类资产47.4%46.7%47.7%47.9%47.1%46.8%45.9%44.6%-3.30pct存放央行5.1%4.6%5.0%5.1%4.9%4.6%4.8%4.6%-0.48pct同业资产2.6%3.2%2.7%3.3%2.4%2.5%2.8%3.0%-0.28pct同比增速2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化总生息资产23.2%20.4%18.6%15.0%16.4%17.6%14.8%13.6%-1.38pct贷款24.3%22.3%21.2%18.0%18.1%18.9%19.8%24.2%6.23pct投资类资产21.2%17.4%15.7%18.3%15.5%18.0%10.4%5.8%-12.52pct存放央行10.2%3.2%19.9%-29.0%13.3%17.0%10.3%3.0%31.96pct同业资产100.2%96.8%29.0%46.8%8.4%-6.9%19.7%4.0%-42.79pct较年初增速2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化总生息资产11.3%13.8%18.6%6.9%9.2%12.7%14.8%5.8%-1.08pct贷款14.7%18.6%21.2%4.9%11.7%16.3%19.8%8.7%3.87pct投资类资产7.8%8.5%15.7%7.3%7.7%10.7%10.4%2.9%-4.43pct存放央行14.0%7.0%19.9%8.6%7.7%4.4%10.3%1.3%-7.25pct同业资产14.9%47.0%29.0%30.6%-3.5%6.1%19.7%13.5%-17.14pct较年初增量2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化总生息资产223,562272,397368,598162,095215,874298,999347,226156,883-5,212贷款126,772160,442183,29350,871122,658170,782206,716109,39258,521投资类资产75,75181,960151,54981,72886,412119,176115,90435,529-46,199存放央行13,7056,84819,44810,0449,0225,19312,0871,718-8,326同业资产7,33423,14714,30819,452-2,2183,84812,51910,244-9,208较年初增量结构2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化贷款56.7%58.9%49.7%31.4%56.8%57.1%59.5%69.7%38.34pct投资类资产33.9%30.1%41.1%50.4%40.0%39.9%33.4%22.6%-27.77pct存放央行6.1%2.5%5.3%6.2%4.2%1.7%3.5%1.1%-5.10pct同业资产3.3%8.5%3.9%12.0%-1.0%1.3%3.6%6.5%-5.47pct单季增量2022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q1同比变化总生息资产20,33248,83596,201162,09553,77983,12548,227156,883-5,212贷款59,56733,67022,85150,87171,78748,12435,934109,39258,521投资类资产28,4426,20969,58981,7284,68432,764-3,27235,529-46,199存放央行-67,708-6,85712,60010,044-1,022-3,8296,8941,718-8,326同业资产3115,813-8,83919,452-21,6706,0668,67110,244-9,208单季增量/期末余额2022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q1同比变化贷款2.7%1.5%1.0%2.0%2.8%1.8%1.3%3.8%1.81pct投资类资产1.3%0.3%3.0%3.3%0.2%1.2%-0.1%1.2%-2.01pct存放央行-3.1%-0.3%0.5%0.4%0.0%-0.1%0.3%0.1%-0.34pct同业资产0.0%0.7%-0.4%0.8%-0.8%0.2%0.3%0.4%-0.42pct数据来源：，表13：计息负债情况（单位：百万元）余额结构2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化存款63.22%61.90%61.62%69.94%67.11%66.47%64.34%70.00%0.06pct向央行借款4.64%4.04%3.11%3.13%3.10%3.06%4.49%4.20%1.07pct同业负债13.15%12.61%14.51%11.02%13.19%15.50%15.93%12.59%1.58pct发行债券18.98%21.45%20.75%15.91%16.59%14.97%15.24%13.20%-2.71pct同比增速2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化总计息负债23.7%20.9%19.3%15.3%17.0%17.9%15.7%14.7%-0.66pct存款19.7%19.5%23.2%22.1%24.2%26.6%20.8%14.8%-7.34pct向央行借款11.9%-2.7%-19.9%-22.6%-21.8%-10.8%66.9%53.9%76.53pct同业负债18.0%12.1%23.4%16.8%17.4%44.9%27.0%31.1%14.25pct发行债券48.9%38.6%14.2%-0.3%2.2%-17.7%-15.1%-4.8%-4.57pct较年初增速2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化总计息负债12.0%14.6%19.3%7.7%9.9%13.3%15.7%6.8%-0.92pct存款18.7%18.9%23.2%22.3%19.6%22.2%20.8%16.2%-6.06pct向央行借款12.3%0.1%-19.9%8.5%9.7%11.5%66.9%0.1%-8.40pct同业负债5.0%3.0%23.4%-18.2%-0.1%21.0%27.0%-15.6%2.64pct发行债券-1.9%13.5%14.2%-17.4%-12.2%-18.3%-15.1%-7.5%9.93pct较年初增量2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化总计息负债212,241258,396340,288162,482207,618280,019329,631165,5263,044存款196,868199,285244,198288,697254,792288,169269,213253,690-35,007向央行借款10,05044-16,3075,5836,3537,55743,754139-5,444同业负债12,4467,49857,916-55,690-36064,11582,426-60,493-4,803发行债券-7,12351,56954,481-76,108-53,167-79,822-65,762-27,81048,298较年初增量结构2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化存款92.8%77.1%71.8%177.7%122.7%102.9%81.7%153.3%-24.42pct向央行借款4.7%0.0%-4.8%3.4%3.1%2.7%13.3%0.1%-3.35pct同业负债5.9%2.9%17.0%-34.3%-0.2%22.9%25.0%-36.5%-2.27pct发行债券-3.4%20.0%16.0%-46.8%-25.6%-28.5%-20.0%-16.8%30.04pct单季增量2022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q1同比变化总计息负债10,87246,15581,892162,48245,13672,40149,612165,5263,044存款-48,9142,41744,913288,697-33,90533,377-18,956253,690-35,007向央行借款50-10,006-16,3515,5837701,20436,197139-5,444同业负债46,196-4,94850,418-55,69055,33064,47518,311-60,493-4,803发行债券13,54058,6922,912-76,10822,941-26,65514,060-27,81048,298单季增量/期末余额2022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q1同比变化存款-2.5%0.1%2.1%12.7%-1.5%1.4%-0.8%9.8%-2.98pct向央行借款0.0%-0.5%-0.8%0.2%0.0%0.1%1.5%0.0%-0.24pct同业负债2.3%-0.2%2.4%-2.5%2.4%2.7%0.8%-2.3%0.13pct发行债券0.7%2.9%0.1%-3.4%1.0%-1.1%0.6%-1.1%2.29pct数据来源：，表14：贷款情况余额结构2020H12020A2021H12021A2022H12022A2023H12023A同比变化个人贷款31.5%38.0%38.8%38.6%35.9%37.4%37.7%40.5%3.09pct住房按揭1.1%3.4%4.3%4.3%4.5%6.1%6.9%7.0%0.82pct消费23.5%25.9%24.9%25.5%23.6%23.3%22.9%25.6%2.36pct经营6.9%8.7%9.6%8.8%7.8%8.0%7.8%7.9%-0.09pct票据12.1%8.2%7.9%7.5%10.2%8.5%8.8%6.7%-1.82pct对公贷款56.4%53.8%53.3%53.8%53.9%54.1%53.5%52.8%-1.27pct制造业16.8%15.1%15.1%15.9%16.5%15.8%15.4%13.2%-2.59pct批发和零售业10.8%8.6%9.6%9.6%11.5%9.9%9.7%9.0%-0.90pct基建8.7%7.1%6.6%6.7%6.8%7.4%7.8%7.1%-0.29pct房地产业5.2%5.3%4.6%4.2%3.9%8.1%8.2%9.2%1.17pct租赁和商业服务业18.4%17.7%17.4%17.0%16.9%13.7%13.8%13.5%-0.21pct建筑业4.6%4.1%3.9%3.8%3.9%3.6%3.5%3.6%0.00pct其他行业-8.1%-4.2%-3.9%-3.5%-5.7%-4.4%-5.0%-2.8%1.56pct余额增速2020H12020A2021H12021A2022H12022A2023H12023A同比变化个人贷款44.2%45.6%56.7%27.3%15.0%17.4%24.0%29.6%12.20pct住房按揭436.5%733.6%404.5%60.4%32.3%72.3%80.4%35.8%-36.49pct消费42.6%25.7%35.0%23.2%17.7%10.7%14.8%31.9%21.20pct经营34.1%71.3%76.4%26.6%0.2%10.0%19.3%18.4%8.32pct票据25.5%26.5%-17.5%15.9%61.0%37.3%1.9%-5.7%-43.02pct对公贷款29.4%21.3%20.0%25.6%25.7%21.7%17.2%17.0%-4.77pct制造业30.6%25.5%14.8%31.9%35.9%20.3%9.9%0.1%-20.16pct批发和零售业31.4%25.9%13.0%40.0%49.1%24.0%-0.3%8.8%-15.21pct基建-10.0%-8.5%-4.6%17.0%29.7%34.3%34.1%15.1%-19.23pct房地产业19.8%29.1%11.7%0.3%7.5%130.0%146.6%37.1%-92.88pct租赁和商业服务业70.8%31.9%19.5%20.3%20.9%-2.3%-3.1%17.9%20.22pct建筑业23.1%15.6%8.8%18.5%23.8%14.6%5.9%19.7%5.11pct其他行业35.0%22.8%-39.4%2.3%85.5%52.4%2.5%-23.1%-75.58pct较年初增量占比2020H12020A2021H12021A2022H12022A2023H12023A同比变化个人贷款18.0%51.7%43.9%40.8%17.6%31.7%40.5%56.1%24.40pct住房按揭4.1%12.9%9.9%8.0%6.0%14.7%13.7%11.1%-3.58pct消费5.3%23.0%18.5%23.7%10.9%12.8%20.2%37.5%24.72pct经营8.7%15.7%15.5%9.1%0.7%4.2%6.6%7.4%3.26pct票据32.3%7.4%6.0%5.1%28.2%13.2%11.0%-2.5%-15.73pct对公贷款49.7%40.9%50.1%54.0%54.1%55.1%48.5%46.4%-8.67pct制造业22.5%13.3%15.1%19.0%20.8%15.2%12.0%0.1%-15.10pct批发和零售业20.9%7.7%15.7%13.6%24.3%10.9%8.5%4.4%-6.50pct基建1.1%-2.9%2.9%4.8%8.1%10.7%11.1%5.6%-5.12pct房地产业4.3%5.2%-0.2%0.1%1.9%26.0%9.7%15.1%-10.84pct租赁和商业服务业23.6%18.6%14.8%14.1%15.9%-1.8%15.0%12.4%14.27pct建筑业4.8%2.4%3.2%2.9%4.5%2.6%2.6%3.6%0.98pct其他行业-27.5%-3.4%-1.4%-0.4%-21.3%-8.5%-10.4%5.1%13.64pct数据来源：，表15：存款情况（）存款结构2020H12020A2021H12021A2022H12022A2023H12023A同比变化公司存款79.7%78.2%78.5%79.7%80.8%78.2%76.0%73.6%-4.60pct定期41.3%39.0%40.6%45.5%47.5%47.6%45.3%46.1%-1.47pct活期38.4%39.2%37.9%34.2%33.3%30.6%30.7%27.5%-3.13pct个人存款20.3%21.8%21.5%20.3%19.2%21.8%24.0%26.4%4.60pct定期14.5%16.0%13.2%13.3%12.8%15.2%18.4%20.9%5.64pct活期5.8%5.7%8.3%7.0%6.4%6.6%5.5%5.5%-1.04pct余额增速2020H12020A2021H12021A2022H12022A2023H12023A同比变化公司存款21.5%18.2%11.5%15.9%23.2%20.9%16.9%13.7%-7.24pct定期21.5%14.1%11.4%32.6%40.0%29.0%18.5%17.0%-11.93pct活期21.6%22.6%11.6%-0.7%5.2%10.2%14.6%8.4%-1.77pct个人存款21.3%26.5%19.8%6.2%7.0%32.2%54.8%46.2%14.00pct定期19.5%29.8%2.7%-5.3%16.2%40.6%79.1%65.4%24.87pct活期26.1%18.3%62.6%38.3%-7.4%16.2%6.6%1.7%-14.53pct较年初增量2020H12020A2021H12021A2022H12022A2023H12023A同比变化公司存款122,476111,41695,426115,198170,358175,259165,517138,453-36,806定期64,51544,63663,113117,775114,770138,68085,633105,177-33,503活期57,96166,77932,313-2,57755,58836,57979,88433,276-3,303个人存款28,25842,23723,19512,51526,51068,93989,275130,76061,821定期19,57334,034-10,801-7,81319,31157,03188,663129,30872,277活期8,6858,20333,99620,3287,19911,9086121,452-10,456较年初增量占比2020H12020A2021H12021A2022H12022A2023H12023A同比变化公司存款81.3%72.5%80.4%90.2%86.5%71.8%65.0%51.4%-20.34pct定期42.8%29.1%53.2%92.2%58.3%56.8%33.6%39.1%-17.72pct活期38.5%43.5%27.2%-2.0%28.2%15.0%31.4%12.4%-2.62pct个人存款18.7%27.5%19.6%9.8%13.5%28.2%35.0%48.6%20.34pct定期13.0%22.1%-9.1%-6.1%9.8%23.4%34.8%48.0%24.68pct活期5.8%5.3%28.7%15.9%3.7%4.9%0.2%0.5%-4.34pct数据来源：，表16：投资类资产情况（单位：百万元）余额结构2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化FVTPL31.5%32.2%32.3%33.0%35.5%31.9%28.4%27.5%-5.47pctAC28.5%28.7%30.2%30.8%30.5%31.9%33.9%32.8%2.03pctFVOCI40.0%39.1%37.4%36.2%33.9%36.2%37.7%39.7%3.44pct余额增速2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化FVTPL2.3%3.5%1.8%14.5%30.3%16.7%-3.1%-11.7%-26.24pctAC25.0%23.2%30.3%28.8%23.6%31.3%23.8%12.8%-16.07pctFVOCI38.4%27.0%18.9%13.9%-1.8%9.3%11.2%15.9%1.96pct较年初增量2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化FVTPL-26,519-16,9926,35934,16466,69133,061-11,284-1,064-35,228AC37,70441,34878,61531,58629,42756,90080,373-1,558-33,144FVOCI64,56657,60466,57515,978-9,70629,21546,81538,15122,173较年初增量结构2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化FVTPL-2.5%-1.6%0.6%2.8%5.5%2.7%-0.9%-0.1%-2.93pctAC3.6%3.9%7.0%2.6%2.4%4.6%6.5%-0.1%-2.75pctFVOCI6.2%5.5%5.9%1.3%-0.8%2.4%3.8%3.0%1.67pct单季增量2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化FVTPL-16,9349,52723,35134,16432,527-33,630-44,345-1,064-35,228AC10,2933,64437,26731,586-2,15927,47323,473-1,558-33,144FVOCI35,083-6,9628,97115,978-25,68438,92117,60038,15122,173单季增量/期末余额2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1同比变化FVTPL-1.6%0.9%2.1%2.8%2.7%-2.7%-3.6%-0.1%-2.93pctAC1.0%0.3%3.3%2.6%-0.2%2.2%1.9%-0.1%-2.75pctFVOCI3.4%-0.7%0.8%1.3%-2.1%3.1%1.4%3.0%1.67pct数据来源：，备注：FVTPL为以公允价值计量且其变动计入当期损益的金融资产；AC为以摊余成本计量的金融资产或者债权投资；FVOCI为以公允价值计量且其变动计入其他综合收益的金融资产或者（其他债权投资+其他权益工具投资）。表17：非息收入、其他综合收益累计占比（/营收）2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1环比变化净手续费及佣金收入12.0%11.6%12.9%11.2%11.2%11.4%9.4%8.2%-1.16pct投资收益24.3%20.1%19.5%22.9%19.0%20.0%21.3%22.6%1.32pct公允价值变动损益6.3%8.4%2.7%1.9%5.8%4.4%1.9%4.0%2.10pct汇兑净损益-1.9%-1.4%-0.5%-0.7%-0.8%-1.6%-0.6%-1.5%-0.83pct其他业务收入0.4%0.5%0.6%2.7%2.0%1.8%1.7%1.0%-0.69pct其他综合收益1.5%3.7%-1.2%0.9%6.5%3.5%3.5%11.2%7.75pct单季度占比（/营收）2022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q1环比变化净手续费及佣金收入12.3%10.7%17.4%11.2%11.1%11.8%2.7%8.2%5.47pct投资收益25.1%12.1%17.6%22.9%14.9%22.1%25.3%22.6%-2.71pct公允价值变动损益9.3%12.5%-17.1%1.9%9.9%1.6%-6.5%4.0%10.51pct汇兑净损益-2.3%-0.4%2.5%-0.7%-0.8%-3.4%2.6%-1.5%-4.05pct其他业务收入0.4%0.6%1.1%2.7%1.3%1.4%1.4%1.0%-0.36pct其他综合收益1.9%8.0%-18.3%0.9%12.5%-2.8%3.4%11.2%7.83pct数据来源：，表18：手续费结构分母为手续费净收入2020H12020A2021H12021A2022H12022A2023H12023A同比变化手续费及佣金收入163.3%115.3%123.5%114.1%116.1%116.3%118.6%127.4%11.12pct代理业务88.3%92.9%100.6%94.9%89.2%94.2%94.7%99.7%5.41pct托管业务5.0%5.8%7.1%5.8%6.8%6.3%5.5%7.0%0.62pct支付结算业务3.8%4.0%4.1%3.2%4.2%3.7%4.2%4.9%1.25pct咨询顾问业务1.9%1.2%1.6%1.1%1.0%0.6%0.6%0.5%-0.12pct担保承诺业务9.1%9.1%9.6%7.6%12.0%9.0%9.6%10.6%1.53pct银行卡业务55.1%2.2%0.4%1.4%2.1%2.2%3.9%4.6%2.43pct其他0.1%0.1%0.1%0.1%0.7%0.2%0.1%0.2%0.00pct手续费及佣金支出-10.1%-15.3%-23.5%-14.1%-16.1%-16.3%-18.6%-27.4%-11.12pct数据来源：，表19：资产质量关键指标（单位：百万元）质2022H12022Q1-32022A2023Q12023H12023Q1-32023A2024Q1环比变化不良贷款率0.77%0.77%0.75%0.76%0.76%0.76%0.76%0.76%0.00pct拨备覆盖率521.77%520.22%504.90%501.47%488.96%480.57%461.04%431.63%-29.41pct关注贷款率0.48%0.47%0.58%0.54%0.55%0.54%0.65%0.74%0.09pct逾期贷款率0.76%0.82%0.85%0.93%逾期90天以上/不良73.55%67.82%76.74%73.54%逾期1年以上/损失178.16%114.65%149.23%49.43%逾期/不良99.05%108.86%112.41%123.00%（重组+逾期）/不良110.41%126.13%128.35%135.60%不良净新生成率（测算值）1.11%1.05%1.00%0.93%0.87%0.89%0.96%1.28%0.33pct不良核销转出率（测算值）115.67%111.48%112.03%100.94%90.59%93.89%106.30%133.95%27.65pct不良贷款余额7,5877,8707,8468,2988,8589,2709,49910,330831关注类贷款余额4,7784,7836,0445,9186,3966,6138,10610,1312,025损失类贷款余额1,1311,5571,7471,5381,5566,7944,0163,189-827逾期贷款余额7,5158,5419,95711,684逾期90天以上贷款余额5,5805,3216,7986,986逾期1Y以上贷款余额2,0152,0032,3221,985重组贷款余额8621,3551,4121,197数据来源：，表20：不良贷款情况余额结构2020H12020A2021H12021A2022H12022A2023H12023A同比变化个人贷款46.2%42.4%52.3%62.3%62.4%69.2%73.8%80.0%10.74pct对公贷款53.8%57.6%47.7%37.7%37.6%30.8%26.2%20.0%-10.74pct制造业21.8%22.1%18.4%9.2%11.6%8.1%8.1%6.9%-1.25pct批发和零售业14.1%10.8%8.3%10.6%9.7%8.5%8.2%5.6%-2.89pct基建0.8%3.2%2.8%2.5%2.3%2.1%2.1%1.9%-0.24pct房地产业7.7%9.2%8.6%5.2%4.5%4.4%3.0%1.3%-3.17pct租赁和商业服务业1.5%4.7%4.1%2.0%4.2%2.3%0.9%1.3%-1.07pct建筑业3.9%3.6%2.7%2.5%2.1%1.9%1.1%1.0%-0.97pct其他行业3.9%3.9%2.9%5.8%3.3%3.4%2.7%2.2%-1.15pct不良率2020H12020A2021H12021A2022H12022A2023H12023A同比变化个人贷款1.16%0.89%1.06%1.24%1.33%1.39%1.48%1.50%0.11pct对公贷款0.75%0.85%0.71%0.54%0.54%0.43%0.37%0.29%-0.14pct制造业1.03%1.16%0.96%0.44%0.54%0.39%0.40%0.39%0.01pct批发和零售业1.03%0.99%0.68%0.84%0.64%0.64%0.64%0.47%-0.17pct基建0.08%0.36%0.34%0.29%0.25%0.22%0.21%0.20%-0.01pct房地产业1.17%1.37%1.48%0.93%0.87%0.41%0.28%0.10%-0.31pct租赁和商业服务业0.06%0.21%0.19%0.09%0.19%0.13%0.05%0.07%-0.06pct建筑业0.67%0.71%0.53%0.51%0.42%0.40%0.23%0.20%-0.20pct其他行业-0.38%-0.73%-0.59%-1.28%-0.44%-0.58%-0.41%-0.60%-0.02pct较年初增量占比2020H12020A2021H12021A2022H12022A2023H12023A同比变化个人贷款78.3%50.2%117.9%155.4%62.9%106.6%109.7%130.9%24.31pct对公贷款21.7%49.8%-17.9%-55.4%37.1%-6.6%-9.7%-30.9%-24.31pct制造业33.3%30.0%-6.1%-51.7%28.2%2.4%7.7%0.9%-1.54pct批发和零售业-8.3%-13.3%-8.7%9.7%3.2%-3.0%6.0%-8.1%-5.09pct基建-8.3%5.1%-0.1%-0.9%0.6%0.2%2.2%0.8%0.54pct房地产业11.6%16.3%4.3%-13.8%-0.2%0.5%-7.8%-13.8%-14.28pct租赁和商业服务业2.1%15.2%0.6%-10.5%19.3%4.2%-10.0%-3.8%-7.97pct建筑业-0.5%0.0%-3.8%-2.7%-0.5%-1.2%-5.6%-3.6%-2.41pct其他行业-8.2%-3.6%-4.0%14.5%-13.5%-9.7%-2.2%-3.3%6.43pct数据来源：，表21：减值损失、拨备余额（单位：百万元）信用减值损失2020H12020A2021H12021A2022H12022A2023H12023A同比变化总资产4,6518,6676,35612,3546,87710,4316,5798,940-1,491贷款3,8347,6714,5329,6817,68910,6886,27310,74254金融投资401-164-81,447-530-1,116175-263853其他4161,1601,8321,226-282859131-1,539-2,398信用减值损失/平均资产2020H12020A2021H12021A2022H12022A2023H12023A同比变化总资产0.66%0.59%0.73%0.68%0.65%0.48%0.53%0.35%-0.12pct贷款1.33%1.26%1.22%1.25%1.66%1.12%1.13%0.93%-0.19pct金融投资0.12%-0.02%0.00%0.17%-0.11%-0.11%0.03%-0.02%0.08pct其他0.49%0.68%2.05%0.67%-0.29%0.44%0.12%-0.72%-1.17pct拨备余额2020H12020A2021H12021A2022H12022A2023H12023A同比变化总资产31,01330,56935,21739,49343,96343,53147,10747,6734,142贷款25,03227,58331,99934,78339,59039,61643,30843,7974,181金融投资3,2732,7256684,4083,9513,3653,4603,280-85其他2,7082612,55030242255033959646拨备余额/平均资产2020H12020A2021H12021A2022H12022A2023H12023A同比变化总资产2.05%1.88%1.92%1.96%1.96%1.84%1.81%1.76%-0.08pct贷款4.00%4.01%4.02%4.03%4.00%3.79%3.71%3.50%-0.29pct金融投资0.47%0.36%0.08%0.46%0.38%0.30%0.29%0.27%-0.04pct其他1.50%0.14%1.44%0.16%0.20%0.27%0.15%0.27%-0.01pct数据来源：，备注：其他包括表外项目、应收同业和其他金融机构款项等。图6：资本充足率核心一资本足率 一级资充足率 资本充率18.00%16.00%14.00%12.00%10.00%8.00%6.00%4.00%2.00%0.00%数据来源：，图7：风险加权资产增速与内生资本增长风险加资产速 ROE（年化） ROE（年化）*（1-上分红）35.00%30.00%25.00%20.00%15.00%10.00%5.00%0.00%数据来源：，图8：股东数量与户均持股数量18.0016.0014.0012.0010.008.00

股东数（万） 户均持数量流通，万，轴）

16.7216.6616.7216.6615.6915.6912.7812.4612.5912.7611.63 11.5111.6910.8910.5310.397.766.876.998.007.006.005.004.006.00 3.004.00 2.002.00 1.00- -数据来源：，表22：前十大股东（2024年一季度末）股东名称持股比例股本性质股东性质1宁波开发投资集团有限公司18.7%A股流通股国有法人2新加坡华侨银行股份有限公司18.7%限售流通A股,A股流通股境外法人3雅戈尔时尚股份有限公司10.0%A股流通股境内非国有法人4香港中央结算有限公司(陆股通)4.6%A股流通股境外法人5华茂集团股份有限公司2.5%A股流通股境内非国有法人6宁波富邦控股集团有限公司1.8%A股流通股境内非国有法人7新加坡华侨银行股份有限公司(QFII)1.3%A股流通股境外法人8宁兴(宁波)资产管理有限公司1.3%A股流通股国有法人9宁波市轨道交通集团有限公司1.2%A股流通股国有法人10中央汇金资产管理有限责任公司1.1%A股流通股国有法人合计61.2%数据来源：Wind，广发证券发展研究中心表23：前十大股东（2023年四季度末）股东名称持股比例股本性质股东性质1宁波开发投资集团有限公司18.7%A股流通股国有法人2新加坡华侨银行股份有限公司18.7%限售流通A股,A股流通股境外法人3雅戈尔集团股份有限公司8.6%A股流通股境内非国有法人4香港中央结算有限公司(陆股通)5.5%A股流通股境外法人5华茂集团股份有限公司2.5%A股流通股境内非国有法人6宁波富邦控股集团有限公司1.8%A股流通股境内非国有法人7新加坡华侨银行股份有限公司(QFII)1.3%A股流通股境外法人8宁兴(宁波)资产管理有限公司1.3%A股流通股国有法人9宁波市轨道交通集团有限公司1.2%A股流通股国有法人10中央汇金资产管理有限责任公司1.1%A股流通股国有法人合计60.7%数据来源：，附表：宁波银行盈利预测表（每股指标单位：元