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<Research>Citi: HANG SENG BANK (00011.HK) Interim Credit Cost Below Forecast; HK Commercial Property NPL Ratio Hikes to 20%
Recommend 14 Positive 14 Negative 31 |
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HANG SENG BANK (00011.HK)'s 1H25 net profit amounted to $6.3 billion, down 22% HoH and 35% YoY, Citi Research issued a research report saying. Operating profit was $8.5 billion, down 16% HoH and 25% YoY, 14% below consensus expectation, mainly due to increased impairments. The main adverse factors in HANG SENG BANK's results were decline in net interest income and higher-than-expected credit costs, according to the report. The non-performing loans (NPL) ratio for Hong Kong commercial real estate increased by 5 ppts HoH to 20%. Higher-than-expected credit costs might bring short-term uncertainty for HANG SENG BANK, Citi Research added. The $3 billion share buyback will be welcomed by the market, but key focus may be on the outlook for credit costs. Therefore, the broker kept rating at Buy on HANG SENG BANK, with a target price of $135. AASTOCKS Financial News Website: www.aastocks.com |
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