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《大行報告》花旗:恆生(00011.HK)中期撥備前經營利潤符預期 關注內地商業地產信貸撥備
花旗發表研究報告指,恆生(00011.HK)上半年可分配利潤按年升83%至95億元,撥備前經營利潤為128億元,符合預期;減值撥備為19億元,較市場預期高出10%。由於風險性資產減少,普通股權一級資本比率按季提高160個基點至16.8%。恆生宣派中期息1.1元,按年增長57%。 該行認為,淨息差穩健擴張、具彈性的費用收入及嚴格的成本控制是次季業績的主要正面因素,而表現較為負面的因素則包括貸款增長乏力及貸款損失增加。該行提到,恆生的計提減值準備為19億元,按年減少8%,比市場預期高10%,主要是由於與中國商業地產敞口相關的額外信貸撥備,而且情況或會在下半年持續。不良貸款率上升29個基點至2.85%。
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