GO
| HSI1 | 23,393.32 | +98.90 | 204.84B |
| HSCEI1 | 7,906.11 | +43.89 | 74.19B |
| Back Zoom + Zoom - Block Traded | |
|
2026-11-02 13:52:01 Citi published a research report stating that BOC HONG KONG (02388.HK) reported net profit of HKD10.8 billion for 3Q26, down 9% QoQ and up 14% YoY, equivalent to 77% of full-year market expectations. Operating profit was HKD12.5 billion, down 9% QoQ and up 13% YoY, missing the broker's forecast by 7%, mainly dragged by soft non-interest income and heavier impairment provisions. The broker noted that revenue was HKD18.7 billion, down 6% QoQ and up 9% YoY, 2% below its forecast due to weaker fee and trading income. Adjusted net interest income rose 1% QoQ and 5% YoY to HKD15.1 billion, driven by balance sheet growth; loans increased 1% QoQ and 7% YoY, while deposits rose 4% QoQ and 6% YoY. Adjusted NIM fell 3 bps QoQ to 1.52%. Fee income was HKD2.5 billion, down 12% YoY; other non-interest income was HKD1.2 billion, down 40% QoQ, mainly due to mark-to-market bond losses. Credit cost was 36 bps, 11 bps higher than the broker's forecast; the non-performing loan ratio edged up 4 bps QoQ to 0.93%. The company declared a third interim dividend of HKD0.29 per share. The broker believed that looking ahead, deposit competition may continue to be a headwind for 4Q26 NIM, while 2H26 credit costs may be slightly higher than its expectations, potentially leading to low single-digit earnings downgrades. The broker maintained its Buy rating and TP at HKD57.9, citing attractive valuation and a forecast dividend yield of 6% for 2027.(ad/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |