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瑞银:予招商银行(03968)“中性”评级 目标价25.6港元

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瑞银发布报告称,予招商银行(03968)“中性”评级,相信市场对招行业绩会有负面反应,目标价25.6港元。

报告中称,公司首季纯利同比跌2%至381亿元人民币,逊于该行预期;收入及拨备前利润基本符合预测。由于净息差下降27个基点,净利息收入同比降6.2%,不过,净息差收窄幅度放缓,按季跌2个基点至2.02%。手续费收入同比跌19.4%,逊于预期。

该行预计,招行今年首季的信贷成本为86个基点,同比降20个基点。该行提到,招行手续费收入疲弱,其中,理财业务相关费用同比跌44%,资产管理费用降6%,银行卡手续费收入跌16%,结算清算费用升5%。

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