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《大行報告》大摩:招行(03968.HK)上季初步數據顯示盈利潤增長有回升
阿思達克 01-22 11:14
摩根士丹利發表報告指,招商銀行(03968.HK)去年第四季淨利息收入按年跌6.6%,反映現有按揭利率下調,淨息差壓力持續。但估計上季度收入按年跌1.3%,較去年第三季按年跌4.7%收窄,受惠於非利息收入按年升11.4%。該行認為招行非利息收入或受較佳的財富管理相關收入及債券投資收入推動,亦留意到不少定息基金去年第四季錄投資收益。 該行又指,招行去年第四季總資產按季升3.4%,可能受債券投資推動。貸款按季增長0.8%,在低息環境下屬合理。存款增長按季升1.9%,快於行業整體的升1.2%,反映市佔增長。該行料2024年對招行仍為具挑戰性的一年,受按揭及資本市場投資產品需求低迷,以及銀保收費削減影響,預期貸款增長將進一步放緩,但招行仍將繼續吸引存款及其他類別的客戶資產。 大摩目前給予招行目標價35.9元,評級「增持」,上季初步數據顯示盈利潤增長有回升。
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