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交銀:料中行(3988.HK)收入增長放緩及息差承壓 維持中性評級
格隆匯 03-31 17:35

交銀國際發表報告表示,中行(3988.HK)去年淨利潤按年增長4.1%,符合該行預期,息差按年收縮導致淨利息收入增長放緩,成本收入比及所得税率的提高被強勁的投資收入增長和較低的撥備所抵銷,但由於預期盈利將承壓,維持其“中性”評級,目標價3.6港元。

該行認為,中行去年的撥備覆蓋率及撥貸比總體上保持穩定,但可能仍在四大銀行中處於較低水平。另外,國內息差仍將承壓,而海外息差收縮壓力在今年迅速增加。與同行相比,全球經濟的不確定性可能給中行的運營帶來更大的壓力,預計中行2020年的收入增長將放緩,也沒有足夠空間減少信貸成本。

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