银行：港股上市中小银行经营情况如何？

Investment Rating - The report maintains a recommendation for investment in the sector of Hong Kong-listed regional banks [1]. Core Insights - The analysis of 19 Hong Kong-listed regional banks indicates a decline in revenue and profit for 2023, primarily due to interest income pressure, with an overall ROE of 5.75%, which is lower than the industry average of 8.93% [2][7]. - Credit expansion has slowed down, with total assets growing by 7.7% and loans by 6.3%, indicating a mismatch between deposit and loan growth rates [11]. - The net interest margin has narrowed to 1.71%, influenced by both asset and liability sides, with significant differentiation among sample banks [16]. - Asset quality remains stable, with a slight improvement in the overall non-performing and attention loan ratios, although there are notable disparities among banks [2][11]. Summary by Sections 1. Profitability - Sample banks experienced a revenue and net profit decline of -4.4% and -4.5% year-on-year, respectively, with a significant number of banks showing an ROE below 5% [2][7]. - The average net interest income decreased by 4.1%, while non-interest income showed mixed results, with fee income dropping by 17.3% [7]. 2. Scale - Total assets of sample banks increased by 7.7%, while loans grew by 6.3%, indicating a slowdown in credit expansion compared to the industry average of 10.6% [11]. - The loan structure shows a ratio of approximately 80% corporate loans to 20% retail loans, consistent with industry trends [11]. 3. Net Interest Margin - The average net interest margin for sample banks is 1.71%, down by 19 basis points year-on-year, with variations among banks due to differing asset-liability structures [16]. - Some banks, like Qingdao Bank and Tianjin Bank, saw an increase in their net interest margins due to improved asset-liability management [16]. 4. Asset Quality - The average non-performing loan ratio for sample banks is 1.79%, with a slight year-on-year decrease, while the attention loan ratio improved to 3.10% [2][11]. - There are significant differences in asset quality among banks, with some experiencing substantial improvements in non-performing loan ratios, while others faced increases [2][11].