瑞银发布研报称，恒生银行(00011)上半年净利润同比跌34.6%至62.85亿港元，显著低于瑞银及市场预期。该行现予恒生银行“中性”评级，目标价112港元。
该行称，恒生银行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，收入仍同比增长2.7%，当中非利息收入升34%可抵消净利息收入下跌7.4%。营运支出仅同比微增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%。
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