智通财经网·2025-07-31 04:08Core Viewpoint - CICC has raised the revenue forecasts for Hang Seng Bank for 2025E and 2026E by 2.4% and 4.3% to HKD 41 billion and HKD 42.1 billion respectively, while lowering the 2025E net profit forecast by 13.9% to HKD 14.7 billion and raising the 2026E net profit forecast by 4.1% to HKD 17.6 billion [1] Group 1 - 2Q25 revenue met expectations, but profit fell short due to impairment losses related to Hong Kong commercial real estate [2] - Net interest income decreased by 7% in 1H25, with weak loan demand and declining interest margins; the net interest margin was 1.99%, down from 2.29% in 1H24 [3] - Non-interest income grew significantly, with fee income up 23% and other non-interest income up 46%, driven by securities brokerage services and increased foreign exchange trading revenue [4] Group 2 - Impairment losses increased significantly, more than doubling compared to the same period last year, leading to a rise in credit costs to 1.19% [5] - Despite the decline in net profit, the company increased dividends and maintained share buybacks; the core Tier 1 capital ratio was 21.3% at the end of 1H25 [6]