智通财经APP获悉，瑞银发布研报称，维持对恒生银行(00011)“中性”评级，目标价从95港元轻微上调至96港元。恒生银行去年纯利同比增长3.2%至176.8亿港元，大幅超出该行预期，主要来自去年下半年非利息收入表现强劲，下半年纯利同比增6.2%的带动。
瑞银指，恒生下半年拨备前营业利润(PPOP)同比基本持平，减值拨备下降24.3%，略胜瑞银预期。截至去年年底，恒生不良贷款比率为6.12%，当中去年下半年三级不良贷款比率较上半年提升54个基点至4.05%，瑞银相信主要来自于香港商业房地产客户降级的影响。公司发表全年业绩时未有宣布回购计划，该行预期下一个短期催化剂可能是该行是否决定提高普通股每股派息，根据去年业绩相应将2025至2028年预测上调1%至5%。
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