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野村:維持建設銀行(0939.HK)7.74港元目標價 評級買入
格隆匯 04-29 14:25

野村發表研究報吿指,建設銀行(0939.HK)首季盈利按年增長2.8%,受惠於手續費收入增長復甦,以及信貸成本趨穩,而淨利息收入增長仍然受壓。該行維持建行H股目標價7.74港元,以及買入評級。

野村表示,建行首季信貸成本下降9個基點至1.07%,而撥備就按年升6.3%。資產質素指標保持穩定,不良貸款率持平於1.56%,不良貸款覆蓋率就提高1.67個百分點至215%。

該行指,建行的淨利息收入按年增長4.3%至1470億元人民幣,主要因為貸款按季增長5.3%,但淨息差仍然面臨壓力,為2.13%,相信是受到按揭貸款重新定價,以及定存的比例上升,令融資成本增加所推動。

該行又指,儘管較上季有所下降,但銀行的資本水平仍然保持強勁。受惠於貸款增長強勁,普通股權一級資本比率和資本充足率分別下跌19基點和35基點,至13.43%及16.71%。

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