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《大行報告》大摩:內銀上季盈利健康增長 但四大國有內銀淨息差承壓
摩根士丹利發表研究報告指,內銀陸續公布去年度業績,受惠於信貸成本下降,盈利實現健康增長,但收入及撥備前利潤則仍然受到去年第四季淨息差較低及投資虧損的影響。 大摩指出,在當局窗口指導下,四大國有銀行去年第四季淨息差壓力上升,而中型銀行淨息差則相對更為穩定,預期今年首季四大行淨息差壓力仍將高於其他銀行,並相信未來淨息差趨勢將是推動銀行股表現分化的關鍵。 該行又指,去年利潤增長高於預期,支持銀行派息強勁增長,大多數銀行的存款增長仍然強勁,其中在零售銀行業務增長強勁及表現改善下,招商銀行(03968.HK)、郵儲銀行(01658.HK)和平安銀行(000001.SZ)去年第四季存款增長按季及按年比較升幅均跑贏同業。 另外中信銀行(00998.HK)和民生銀行(01988.HK)積極推動不良貸款率下降,大摩對覆蓋的內銀股總體不良貸款覆蓋率保持審慎,預期釋放超額準備金的空間將更大。
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