花旗:手續費增長支持建行(0939.HK)季績穩健 予目標價9.13港元
花旗發表研究報吿指,建設銀行第三季業績受惠交易收益、手續費及佣金收入等方面的增長支持,業績表現穩健,惟季內淨息差受壓。花旗給予建行“買入”評級,目標價9.13港元。報吿指,建行首三季的撥備前利潤按年增長5.8%至4351億元人民幣,而淨利潤亦按年升12.8%至2322億元,已達到市場對該行2021年全年預測的78%。單計第三季,撥備前利潤按年增速加快至8.5%,較第二季的5.6%為快,這要歸功於該行加強在交易收益、手續費及佣金收入,以及貸款等的增長;然而,由於信用成本偏低,第三季淨利潤按年增速僅錄15.6%,較第二季的23.6%有所放緩。

報吿還列出建行季績中關鍵的負面因素,包括估計建行第三季淨利息收益率按季下降3基點,主要由於資產收益較低;貸存比率(LDR)按季上升1點子至81.9%;成本收入比率(CRI)按季升22基點至25.7%;以及季內實際税率按年升11.7點至27%。
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