Bank of Hangzhou's Revenue Growth Inflection Point Approaching: Net Interest Margin Stabilization and Credit Expansion Drive Growth

Bank of Hangzhou (SH600926) is expected to reach an inflection point in revenue growth, with core drivers including the bottoming out and stabilization of net interest margin (NIM) and credit scale expansion [1][5]. The revenue growth rate is expected to rebound to 17% in 2025, mainly based on the expectation of high credit growth of 13%-14% for the whole year [2][4].

In 2024, Bank of Hangzhou achieved a net profit of 16.98 billion yuan, a year-on-year increase of 18.07%, and its profitability continued to improve [6]. Asset quality is generally stable, with a provision coverage ratio at a relatively high level in the industry and strong risk resistance capability [7][8].

The current market gives Bank of Hangzhou a low valuation due to previous revenue growth pressure, but the expectation of NIM stabilization and revenue rebound may bring valuation repair opportunities. Combined with its high-quality asset quality and certain profit growth, the current time point may be a good opportunity for long-term layout [3][9].

Attention should be paid to the risk exposure of specific industries such as real estate. Although the overall asset quality is stable, potential risks in related fields still need to be vigilant [7]