营收利润不及预期源于NIM

Investment Rating - The report assigns an "OUTPERFORM" rating with a target price of 53.12, while the current price is 49.4 [3]. Core Insights - The report indicates that revenue and profit missed expectations primarily due to a decline in net interest margin (NIM), which decreased by 18 basis points to 1.52%, below the Bloomberg consensus forecast of 1.69% [12][36]. - Total revenue decreased by 10.6% year-over-year, which is lower than the Bloomberg consensus forecast of a 7.0% decline [18][36]. - Pre-tax profit saw a significant drop of 80.6% year-over-year, also falling short of the expected 5.9% decline [18][36]. - Net profit attributable to common shareholders decreased by 103.3% year-over-year, compared to the expected decline of 26.8% [18][36]. Revenue Breakdown - Wealth and Personal Banking revenue fell by 39.1% year-over-year, underperforming against the Bloomberg consensus forecast of a 33.1% decline [37]. - Commercial Banking revenue increased by 11.9% year-over-year, but this was below the expected growth of 14.4% [37]. - Global Banking and Markets revenue grew by 7.7% year-over-year, exceeding the Bloomberg consensus forecast of 5.1% [37][41]. Financial Metrics - Net interest income decreased by 7.8% year-over-year, contrasting with the Bloomberg consensus forecast of a 1.4% increase [12][36]. - Non-interest income fell by 15.1% year-over-year, which was better than the expected decline of 20.4% [12][36]. - The cost-to-income ratio increased by 6.4 percentage points to 66.4%, worse than the expected 60.3% [36]. - The Common Equity Tier 1 (CET1) ratio rose by 0.6 percentage points to 14.8%, surpassing the expected 14.6% [19][36]. Loan and Deposit Growth - Total loans to customers increased by 1.6% year-over-year, exceeding the Bloomberg consensus forecast of 0.8% [12]. - Total deposits grew by 2.6% year-over-year, also outperforming the expected decline of 0.4% [12]. Conclusion - The report highlights significant challenges faced by the company, particularly in terms of net interest income and overall profitability, while also noting areas of growth in loans and deposits [36][41].