智通财经APP获悉，花旗发布研报称，信贷成本高于预期，可能为恒生银行(00011)带来短期不确定性，30亿港元的股票回购将受到市场欢迎，但焦点可能集中在信贷成本展望上。该行维持对恒生“买入”评级及目标价135港元。
花旗表示，恒生2025年上半年纯利63亿港元，按半年下降22%，同比下降35%。营运利润85亿港元，按半年下降16%，同比下降25%，比共识预期低14%，主要因拨备增加。总收入按半年下降1%，同比增长3%，比市场预期高2%，得益于强劲的非利息收入。营运支出76亿港元，按半年下降1%，同比增长1%，比共识预期低2%。恒生拨备费用增至49亿港元，按半年增长49%，同比则大增224%，主要因香港商业地产(CRE)拨备增加及预期信用损失(ECL)假设下调。银行宣布第二次中期股息每股1.3港元，并计划启动30亿港元的股票回购。
该行指，恒生业绩主要不利因素：1)净利息收入下降：净利息收入143亿港元，按半年下降6%，与共识预期基本一致，原因为5月及6月香港银行同业拆息(HIBOR)下降;2)高于预期的信贷成本：总拨备费用49亿港元，按半年增长49%，同比增长224%，因香港商业地产拨备增加(2025年上半年为25亿港元)。预期信用损失模型调整导致6.4亿港元费用。不良贷款比率较去年底上升0.6个百分点至6.7%。香港商业地产不良贷款比率较去年底上升5个百分点至20%。
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