《大行報告》大摩:內銀上季撥備前利潤平均跌7% 中行及民行較同業鞏固
摩根士丹利發表報告,內銀股公布今年第三季業績,收入普遍低於預期,市場關注淨息差及手續費收入的壓力,內銀撥備前利潤(PPOP)面臨更大的壓力。該行指基於信貸成本降低,基本支持內銀盈利保持穩定,雖然相關增長轉弱。該行指中行(03988.HK)及民生銀行(01988.HK)上季核心營運趨勢較同業鞏固。
該行指,內銀股因淨息差收窄及手續費較低令收入承壓,不少內銀亦受到投資收入較低所影響。大摩指其所研究覆蓋的內銀股今年第三季撥備前利潤(PPOP)平均按年下跌7%,對比今年上半年跌2%,並指內銀在收入下滑但營運開支上升下,令成本收入比率平均上升2%。
大摩指,招行(03968.HK)及重農行(03618.HK)在成本控制方面做得比較好,而郵儲行(01658.HK)、寧波銀行(002142.SZ)、北京銀行(601169.SH)成本收入比上升5%以上,導致撥備前利潤(PPOP)按年下降12至15%。該行指內銀股之中,僅中行、民生銀行及成都銀行(601838.SH)上季撥備前利潤錄得按年正增長。(wl/k)
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