《大行報告》海通國際：港銀資產質量仍面臨壓力 規模增長疲弱
阿思達克 01-03 09:58
海通國際發表報告指，香港本地貸款增長較為疲弱，內房涉及的貸款敞口風險仍未見明顯好轉。基於內房敞口的佔比多少，以及對高風險貸款計提的進度，建議關注渣打銀行(02888.HK)，予「跑贏大市」評級及目標價75.12元。
該行指，整體貸款質量來看，2023年第三季關注率為1.9%，2022年末以來不斷下降，但不良率從 2021年9月恆大事件起仍在攀升，2023年第三季按季上升11個基點至1.61%。按揭貸款資產質量平穩，拖欠超過3個月的貸款佔比為0.07%，拖欠超過6個月的貸款佔比為0.05%，按季均持平。2023年第三季信用卡貸款平均應收賬款總額佔總貸款約1%，較上年末增長6.3%，撇賬率為0.47%，自2022年下半年以來一直處於上升趨勢。
報告提到，貸款增長持續疲弱較上年末負增長，按揭貢獻主要增量，建造業、物業發展及投資為主要拖累。2023年10月貸款余額較 2022年末-3.1%。其中，在香港使用的貸款佔比約 71%，較上年末-0.8%；其他在香港境外使用的貸款佔比約26%，較上年末減8.3%；和貿易相關的貸款較上年末呈現明顯負增長，其中經香港的貿易相關融資佔比約2.1%，較上年末減11.7%，不經香港的貿易相關融資佔比約1.6%，較上年末減3.1%。2023年前三季度相較2022年末，按揭貸款貢獻最大增量(97.1%)，而建造業、物業發展及投資是貸款增長的最大拖累項。
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