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瑞信:維持建行(0939.HK)“跑贏大市”評級 目標價7.6港元
格隆匯 04-01 12:19

瑞信發佈報告稱,建設銀行(0939.HK)去年淨利潤增長5.3%,在四家國家大型銀行中最高。營業收入和信貸減損費分別增長7%和7.9%。該行偏好建行的穩定,認為其優於同行,保持目標價7.6港元及“跑贏大市”評級。

該行表示,淨利息收入上升5%,排在工商銀行(1398.HK)之後,但建行的淨息差(NIM)跌幅最小。儘管成本增加,建行在存放資源仍具有出色的能力。零售存款和活期存款的增長更強。手續費收入增長11.6%,是四大銀行中最高的。另外,90天逾期的不良貸款下降,不良貸款率下降至1.42%。

展望未來,隨着NIM結構的變化和持續下降的趨勢,建行管理層預計2020年貸款增長將更強勁,零售和活期存款仍將是重點,而三月份的貸款需求有所恢復,並且趨勢應該繼續。另外,今年手續費收入增長可能會減弱,從而降低支持實體經濟的成本。

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