港银25Q1：非息动能强，经营业绩稳

Investment Rating - The report maintains an "Overweight" rating for the banking sector, specifically recommending "Buy" for HSBC Holdings and Bank of China Hong Kong, and "Add" for Standard Chartered Group [9][21]. Core Insights - The performance of Standard Chartered, HSBC, and Bank of China Hong Kong in Q1 2025 exceeded market expectations, primarily driven by non-interest income from wealth management and foreign exchange trading [1][11]. - The report highlights a downward trend in net interest margins, with ongoing pressure anticipated, while local credit demand in Hong Kong remains to be revitalized [4][11]. - Increased provisioning by banks is noted to enhance risk resilience, with manageable impacts from tariff changes expected [5][11]. Summary by Sections Wealth Management Performance - Standard Chartered's wealth management revenue grew by 26.1% year-on-year in Q1 2025, with 72,000 new affluent clients opening accounts, indicating a 14% increase [2]. - HSBC's wealth management business saw a 23% year-on-year growth, with strong performance in insurance [2]. - Bank of China Hong Kong's non-interest income surged by 34.7% year-on-year, benefiting from a recovery in capital markets [2]. Foreign Exchange and Transaction Banking Growth - Increased demand for risk hedging amid market volatility has driven growth in foreign exchange and transaction banking [3]. - Standard Chartered's global markets business grew by 14% year-on-year, with macro and credit trading increasing by 11% and 33%, respectively [3]. - HSBC's wholesale transaction banking fees rose by 13%, largely due to a 22% increase in global foreign exchange business [3]. Interest Margin and Credit Demand - Net interest margins for Standard Chartered, HSBC, and Bank of China Hong Kong decreased by 9 basis points, 7 basis points, and 15 basis points, respectively, compared to Q4 2024 [4]. - Local credit demand in Hong Kong remains subdued, with Bank of China Hong Kong's loans declining by 1.9% year-on-year [4]. Asset Quality and Provisions - Non-performing loan ratios for Standard Chartered, HSBC, and Bank of China Hong Kong were reported at 2.12%, 2.46%, and 1.01%, respectively, showing slight variations compared to the end of 2024 [5]. - Increased provisioning efforts are noted across banks, with Standard Chartered and HSBC's annualized credit costs rising to 0.25% and 0.27%, respectively [5]. Shareholder Returns and Valuation - As of May 6, 2025, Standard Chartered and HSBC reported comprehensive return rates of 10.1% and 13.6%, respectively, with Bank of China Hong Kong's dividend yield at 6.26% [13]. - The price-to-book ratios for Standard Chartered, HSBC, and Bank of China Hong Kong were 0.79, 1.04, and 1.02, indicating favorable investment value [13][15].