瑞银研究报告指,恒生银行上半年净利润按年跌34.6%至62.85亿港元,显著低于瑞银及市场预期。虽然收入及拨备前营业利润(PPOP)略胜预期,但减值拨备大幅增加,导致盈利不及预期。尽管HIBOR下降,收入仍按年增长2.7%,当中非利息收入升34%可抵消净利息收入下跌7.4%。营运支出仅按年微增1%,反映良好成本管控,推动拨备前营业利润增长3.9%。但减值拨备大增2.3倍,信用成本达118个基点,创历史新高。恒生宣布于6个月内完成30亿港元股份回购计划,符合瑞银预期。 报告提到,管理层对前景保持审慎态度,预期即使利率处于低位,今年下半年贷款需求仍将疲弱,且预期信用损失可能与上半年相若。管理层承诺维持合理且可持续的股东回报,预计全年派息比率将不超过盈利的100%。瑞银现予恒生银行“中性”评级,目标价为112港元。
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