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交銀:料工行(1398.HK)今年收入增速減及息差續收縮 評級中性
格隆匯 03-30 14:08

交銀國際發表報告表示,工行(1398.HK)去年淨利潤按年增長4.9%,符合該行預期,撥備金的增加被強勁的非利息收入增長所抵銷,期內收入及撥備前利潤均按年增長7%,受惠於非利息收入的增長及成本控制,抵銷了息差收縮的影響,維持其“中性”評級。

報告指,工行去年資產質量穩定,撥備覆蓋率提高,但認為寬鬆的系統流動性和LPR貸款定價改革將在2020年繼續降低資產收益率,加上因同業競爭激烈,存款成本可能不會下降,這可能導致息差持續收縮,此外,疫情也增加了經濟增長的不確定性以及資產質量風險。

交銀指,儘管認為工行或能維持穩定的利潤增長,但料2020年的收入增長將減速。

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