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大行評級|瑞銀:首季純利遜於預期 予其“中性”評級及目標價25.6港元
格隆匯 04-30 10:45

瑞銀髮表報吿指,招商銀行首季純利按年跌2%至381億元,遜於該行預期;收入及撥備前利潤基本符合預測。由於淨息差下降27個基點,淨利息收入按年降6.2%,不過,淨息差收窄幅度放緩,按季跌2個基點至2.02%。手續費收入按年跌19.4%,遜於預期。

該行預計,招行今年首季的信貸成本為86個基點,按年降20個基點。該行提到,招行手續費收入疲弱,其中,理財業務相關費用按年跌44%,資產管理費用降6%,銀行卡手續費收入跌16%,結算清算費用升5%。

瑞銀相信,市場對招行業績會有負面反應,予其“中性”評級,目標價25.6港元。

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