大和:予中行(3988.HK)“优于大市”评级
大和发表研究报告指,中国银行(3988.HK)净利息收入增长稳定,非利息收入恢复强劲,加上成本管理有所改善,令该行上半年的纯利按年升4.5%。大和予中国银行“优于大市”评级。
大和表示,中行上半年净息差为1.83%,按年下跌5个基点,主要由于平均存款成本上升。由于持续优化资产及负债,第二季净息差按季升2个基点。上半年人民币的中长期贷款平均余额占比增加2.1个百分点,因而上半年的净利息收入按年增长5.4%。
该行又指,中行上半年非利息收入按年增长20.2%,主要受惠于净交易收益及保费收入等推动。非利息收入的业务贡献有所增加。不过,大和指,中行的净手续费收入增长仍然相对较为缓慢,相关收入按年增长4.9%,主要来自银行卡、咨询及托管业务,但就被费用及佣金支出增加所抵销。
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