大摩:內銀股首季業績略優預期 大部分銀行資產質素改善
摩根士丹利發表報吿,指內銀首季季績輕微高於市場預期,惟亦是近年純利增長及核心營運表現分歧最大的一季。報吿指,季績好於預期主要受到信貸質素改善及手續費收入健康增長所支持,該行追蹤的內銀首季盈利平均增長5.7%,高於中銀保監公佈的行業平均1.5%。首五間國有銀行首季盈利增長1.5%至2.8%,中型銀行增幅則為較高的介乎5%至18%,民行(1988.HK)則錄得盈利按年倒退。該行指,受惠低基數影響,相信國有銀行盈利增長於未來數季仍會進一步加快。
另外,專注零售銀行及財富管理業務的銀行,如郵儲行(1658.HK)、招行(3968.HK)及平安銀行(000001.SZ)手續費收入增長強勁,介乎20%至50%。不過在按揭貸款定價向下延後入賬的影響下,淨利息收入普遍疲弱。首季開始資產增長合理化,大部分銀行資產質素亦好轉。
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