海通国际预期，招行2024至2026财年归母净利润增长率，将分别为-0.2%、+3.2%及+3.9%。与2024年上半年相比，招行2024年首三季净利差仅下降了1个基点，个人贷款的比例增加，资金成本得到良好的控制，第三季零售贷款引领增长。Haitong int'l expects that cm bank's net income growth rate for the fiscal years 2024 to 2026 will be -0.2%, +3.2%, and +3.9%, respectively.
According to Zhito Finance APP, Haitong int'l released a research report stating that it maintains a "outperform the market" rating for cm bank (03968), with the target price raised from HKD 35.55 to HKD 43.93. For the third quarter of fiscal year 2024, cm bank's revenue fell 2.5% year-on-year; the profit before provisions increased by 1.6% year-on-year; and the net income increased by 0.8% year-on-year.
If calculated based on the first three quarters, revenue fell 2.9% year-on-year; profit before provisions fell 2.7% year-on-year; net income fell 0.6% year-on-year. Additionally, the annualized return on assets (roa) during the period decreased by 0.13 percentage points to 1.33%; the annualized return on equity (roe) decreased by 2 percentage points to 15.38%; and the common equity tier 1 (CET1) capital ratio increased year-on-year to 14.73%.
Haitong int'l expects that cm bank's net income growth rate for the fiscal years 2024 to 2026 will be -0.2%, +3.2%, and +3.9%. Compared to the first half of 2024, cm bank's net interest margin for the first three quarters of 2024 has only decreased by 1 basis point, the proportion of personal loans has increased, and the cost of funds has been well controlled, with retail loans leading growth in the third quarter.
