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大和:維持對內銀中性看法 首選工商銀行(1398.HK)等股份
格隆匯 04-03 13:22

大和發表研究報告指,內地銀行去年第四季淨利潤增速進一步放緩至按年升4.3%,主要由於手續費收入增速放緩,以及有效税率提高。考慮到今年股本回報率趨勢減弱,該行對行業看法維持“中性”,首選股份為工商銀行(1398.HK)、招商銀行(3968.HK)、建設銀行(0939.HK)等。

大和表示,今年首季的零售信貸需求及手續費收入增長,暫時受到新型冠狀病毒肺炎疫情的影響,不過自3月以來,兩者都已經逐漸恢復。現在由於政府呼籲降低利率以支撐經濟,預計今年淨息差將平均按年下跌10個基點,並相信資產負債結構的優化,和存款成本的控制,將是銀行淨息差趨勢的關鍵因素。

該行指,瞭解到今年上半年不良貸款的容忍度短期內有所放鬆,但由於銀行彈性的撥備前利潤及足夠的緩衝,認為業界仍可消化潛在的不良貸款形成。

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