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《大行》花旗:恆生(00011.HK)中期信貸成本遜預期 本港商業地產不良貸款比率升至20%
阿思達克 07-30 14:49
花旗發表報告表示,恆生銀行(00011.HK)2025年上半年純利63億元,按半年下降22%,按年下降35%。營運利潤85億元,按半年下降16%,按年下降25%,比共識預期低14%,主要因撥備增加。總收入按半年下降1%,按年增長3%,比市場預期高2%,得益於強勁的非利息收入。營運支出76億元,按半年下降1%,按年增長1%,比共識預期低2%。恆生撥備費用增至49億元,按半年增長49%,按年則大增224%,主要因香港商業地產(CRE)撥備增加及預期信用損失(ECL)假設下調。銀行宣布第二次中期股息每股1.3元,並計劃啟動30億元的股票回購。 該行指,恆生業績主要不利因素:1)淨利息收入下降:淨利息收入143億元,按半年下降6%,與共識預期基本一致,原因為5月及6月香港銀行同業拆息(HIBOR)下降;2)高於預期的信貸成本:總撥備費用49億元,按半年增長49%,按年增長224%,因香港商業地產撥備增加(2025年上半年為25億元)。預期信用損失模型調整導致6.4億元費用。不良貸款比率較去年底上升0.6個百分點至6.7%。香港商業地產不良貸款比率較去年底上升5個百分點至20%。 花旗表示,信貸成本高於預期,可能為恆生帶來短期不確定性。30億港元的股票回購將受到市場歡迎,但焦點可能集中在信貸成本展望上。該行維持對恆生「買入」評級及目標價135元。
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