瑞信:內地降准將助銀行負債成本,維持相關預測不變
瑞信發研報指,國務院常務會議表示將通過降準等貨幣工具加大金融對實體經濟的支持力度,該行相信這將對經濟有所幫助,對內地銀行的負債成本應屬正面,負債存款較高的銀行可能會受益更多,但是有效的貸款需求是關鍵問題,因為這將影響貸款收益率和淨息差。
瑞信表示,對於會議提及“鼓勵撥備水平較高的大型銀行有序降低撥備覆蓋率”,認為對於大型銀行的存有不確定性,因具有不同的標準,尚不清楚會否包括招商銀行(3968.HK),但應包括郵儲銀行(1658.HK)。
該行提及,對於較低的撥備覆蓋率的初次解讀為負面,認為該信息在一句話中過於含糊,指出相關政策的目的可能不是更強勁的利潤增長,而是在容忍更多不良貸款的情況下,更積極的貸款增長,亦提及由於相關訊息含糊不清,目前維持相關預測不變。
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