《大行報告》野村:工行(01398.HK)季度撥備前利潤遜預期 純利則好過預期
野村發表評級報告指,工行(01398.HK)第三季淨利潤按年增5%至850億元人民幣,較該行預測高3%,主要是受惠於減值損失減少,撥備前利潤(PPoP)按年跌9%至1480億元人民幣,較該行預測的低了9%,主要是營運收入按年跌5%至2,070億元人民幣,較該行預測的低了7%,主要是資本收益及淨息差收縮。
該行指,即使總貸款按年擴大12%,但受到淨息差收縮,工行第三季淨利息收入按年僅增1%至1,760億元人民幣;首九個月淨息差按年跌13個基點至1.98%,或受到LPR下調及信貸需求疲軟。
該行指,工行第三季成本收入比例按年增3.6個百分點至29%,主要是營運收入下跌,以及營運支出符合該行預測;第三季減值損失按年跌35%至360億元人民幣,較該行預測好29%,亦是盈利表現優於預期的關鍵原因。
該行將工行今年淨利潤預測上調1%,以反映減值損失減少,預料今年全年盈利增長按年升3%,並維持其目標價為6.39元以及其評級為「買入」。(ca/k)
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