交銀國際:維持農業銀行(1288.HK)“買入”評級 目標價4.4港元
交銀國際發佈報告稱,農業銀行(01288.HK)今年第三季業績符合預期,淨息差環比回升,而資產質量穩定。
該行提到,農業今年首九個月淨利潤同比增長5.3%,略高於上半年的4.9%,淨息差同比收縮,導致淨利息收入增長放緩,但被強勁的手續費收入增長、較低的信用成本及有效税率所抵消。
集團首九個月非利息收入同比增長11%,主要是收費用增長12%帶動。該行估計,集團第三季的淨息差環比略增3個基點,但首九個月仍然同比下跌16個基點。第三季不良貸款率環比下降1個基點,雖然信貸成本下降,但撥備覆蓋環比繼續上升,預計仍是四大銀行之中最高。
該行維持對其“買入”評級,目標價4.4港元。

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