高盛：维持中国银行“买入”评级 目标价4.95港元

Core Viewpoint - Goldman Sachs reports that Bank of China (601988)(03988) announced a pre-provision profit and net profit after tax for Q4 2025 of RMB 98 billion and RMB 68.3 billion respectively, representing a year-on-year growth of 8% and 5%, which is higher than the bank's expectations [1] Group 1 - Bank of China's Q4 net interest margin improved by 2 basis points quarter-on-quarter to 1.24% [1] - Loan growth for the bank was reported at 9%, with net interest income increasing by 2% year-on-year [1] - The dividend payout ratio remains at 30%, but due to capital replenishment, earnings per share were diluted, leading to a year-on-year decrease of 7% in dividends per share [1] Group 2 - Investors are expected to focus on the outlook for net interest margin in 2026, bond investment strategies, and prospects for investment income [1] - There is interest in the quality of assets and the potential for increasing the dividend payout ratio to enhance shareholder returns [1] - The contribution of international business to the group's net interest margin and fee income is also a point of consideration [1]