《大行報告》瑞信:內銀估值已反映季度純利錄自2012年來最大跌幅 重申首選招行
瑞信發表研究報告,指出內地公布銀行業上半年表現,淨利潤按年跌9.4%,意味第二季表現跌24%,是自2012年以來的最大跌幅。行業淨資產收益率按年下跌2.7個百分點,資產報酬率下跌17個點子至0.83%。這主要是由於為了回應監管機構關於採取不良貸款敝口早期行動的呼籲,而導致銀行在第二季提高撥備所致。期內,貸款損失準備金按年增長17%,不良貸款餘額增長22%。因此,不良貸款覆蓋率基本穩定在182%,撥貸比升至3.54%。
至於其他指標則大致穩定,不良貸款率微升3個基點。一級資本比率下跌41個基點至10.47%。淨息差下跌1個基點至2.09%。
市場所關注的盈利增長情況已發生,而這已很大程度在股價上反映出來。其他指標整體保持穩定,甚至好過預期。因此,市場應該對消息反應中性,相信在8月底公布中期業績時的焦點會轉移至撥備前利潤增長及收入的表現。招商銀行(03968.HK)仍是其首選,因為資產質素穩健,及儲備金緩衝表現健康。
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