You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
交銀:建行(0939.HK)較高的房貸佔比及撥備助應對挑戰 維持“買入”評級
格隆匯 03-30 14:32

交銀國際發表報告表示,建行(0939.HK)去年淨利潤按年增長4.7%,基本符合該行預期,淨利息收入增長的放慢和審慎的風險控制所導致撥備的增長被強勁的手續費收入增長所抵銷,建行的收入和撥備前利潤均按年增長7%,受益於良好的手續費和投資收益的增長,該行維持其“買入”評級,目標價7.9港元。

報告指,建行去年第四季的不良率環比下降1個基點,而撥備覆蓋率環比增長至228%。截至2019年底,逾期率環比下降28個基點至1.15%。資本方面亦改善,2019年末的核心一級資本充足率為13.88%,可能仍是大型國有銀行中最高。

交銀又指,由於審慎的不良貸款分類和較高的貸款損失準備金可能有助於銀行削減信貸成本以支持其利潤,從而部分抵銷了息差壓力。高於同行的撥備可能會減輕市場對建行中長期資產質量的擔憂,建行比同行在房貸方面業務佔比更大,這也可能抵銷息差的壓力。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account