智通财经APP获悉，高盛发布研报称，招商银行(03968)首季拨备前经营溢利及纯利分别同比跌4%及2%，逊该行预期。业绩主要受净息差降幅较该行预期高4基点，以及投资收入较该行预期少19%影响。该行维持对招行“买入”评级，基于招行提升股东回报的能力及潜在的消费金融复苏，H股目标价为47.62港元。
该行指招行季度银行贷款同比升5%，低于系统贷款增长的7.4%。即使首季债券收益率上升，公允价值计入其他综合收益(FVOCI)仍同比升31%，表明贷款增长放缓有助资本积累。该行料随着债券收益率下降，随着增加债券投资，债券投资回报有望改善。此外，招行贷款准备金计提按季增86%，非贷款资产准备金计提按季降72%。不良贷款增长速度超过贷款增长，表明不良贷款形成率略升，资产质量面临挑战。
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