核心观点 渣打集团4Q25 业绩符合预期，ROT E 显著上行，业绩目标提前超额完成。公司对2026 年业绩指引保持 积极，预计2026 年营收有望保持5%左右的大个位数增长。净利息收入预计同比持平。非息收入将继续 保持双位数高增，财富管理、环球银行、金融市场流量收入均提供有力支撑。营业成本和资产质量保持 稳定，Reported ROTE指引提升至12%以上，实际提升幅度接近1pct，延续向上趋势。25年分红水平明 显提高，股东回报超预期，预计26 年综合回报率可达8%左右，高股东回报特征明显。基于较强的成长 性逻辑和未来持续向上的ROTE 趋势，上调目标价并维持银行板块首推。 事件 机构：中信建投证券 研究员：马鲲鹏/李晨/王欣宇 因此2026 年ROT E 目标设定在12%以上，实际ROT E 增长空间至少在0.8-1pct 以上。 3、2025 年企业及机构业务（CIB）收入保持稳定增长，环球银行、环球市场均实现双位数高增。渣打 集团2025 年CIB 营业收入123.94 亿美元，同比增长4%。其中4Q25 CIB 营收同比基本持平，增量主要由 环球银行业务贡献。投行业务尽管较3Q25 有所回落，但A ...

发展趋势 收入端韧性强，实现稳健增长。公司4Q25/2025A 营业收入基本符合市场预期，拆分看： 公司4Q25 单季净利息收入环比+8%，同比-1%，高于一致预期7.5%。主要由于4Q25 HIBOR 高于预期， 带动全年净利息收入YoY +0.8%。向前看，公司预计2026 年按货币敞口结构计算的加权平均利率将下降 44bp，为控制信用成本而进行的零售部门信贷组合结构优化也将对2026 年NII 产生约2%的负面影响， 综合考虑信贷规模增长，2026 年NII 预计与2025 年大致持平。 机构：中金公司 研究员：严佳卉/吕松涛/张帅帅 2025 年业绩符合我们预期 公司公布2025 年业绩。2025 全年经调口径（后同）营业收入YoY +6.1%至209 亿美元，归母普通股净利 润YoY +25.4%至54亿美元；4Q25 单季营业收入YoY +0.3%至48 亿美元，归母普通股净利润YoY+20.0% 至8 亿美元，业绩符合我们预期。 财富管理收入动能仍然强劲，4Q25 YoY +20%。银保业务/投资分销YoY +13%/+22%。公司财富管理战 略聚焦富裕客群，AUM环比增长约100 亿美元，其中 ...

Banco Macro (NYSE:BMA) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsBrian Flores - VP of Equity ResearchCarlos Gomez-Lopez - Head of EM and LatAm FinancialsErnesto Gabilondo - Director of LatAm FinancialsJorge Scarinci - CFOJuan Parma - CEOLindsey Shema - Equity Research AssociateNicolás Torres - Director of Investor RelationsYuri Fernandes - Executive DirectorConference Call ParticipantsKaio Prato - Stock AnalystMarcos Seru - Equity Research AnalystMatías Cattaruzzi - Senior Equi ...

证券研究报告 渣打集团 (2888 HK) 港股通 25Q4 净利息收入（NII）环比 25Q3 提升 8%，主要源自 25Q4 HIBOR 的暂 时性利好。25Q4 净息差 2.09%，环比 25Q3 提升 15bp。25Q4 生息资产收 益率 4.40%，环比 Q3 下滑 12bp，25Q4 计息负债成本率 2.16%，环比 Q3 下滑 25bp。25A 净利息收入同比上升 1%至 112 亿美元。公司指引 2026 年净利息收入或同比持平。分地区看，25A 中国香港、中国内地、新加坡、 韩国税前利润（经调口径）分别同比+40%、-24%、+39%、-24%，中国香 港及新加坡地区业绩保持快速增长。 财富管理优异，环球市场波动 25Q4 非净利息收入同比 24Q4 提升 2%，环比 25Q3 下降 21%，部分财富 方案业务及环球银行业务的增长被环球市场业务的非经常性收入减少所抵 销。 分业务看， 25Q4 环球 银行 /环球市场 /财富方 案收入分别同 比 +9%/-15%/+20%。环球市场业务波动主因偶发性项目减少。25A 非净利息 收入同比上升 13%至 97 亿美元，主要由财富方案业务、环球银行 ...

智通财经APP获悉，中金发布研报称，考虑渣打集团(02888)净利息收入预期改善，该行上调公司2026 年/2027年经调营业收入预测2.7%/3.8%至219/225亿美元;维持2026年经调归母普通股净利润基本不变， 上调公司2027年经调归母普通股净利润预测1.7%至56亿美元。公司当前交易于1.2x/1.1x 2026E/2027E P/B。综合考虑业绩预期与市场风险偏好变化，该行小幅上调公司目标价6.6%至227.27港元，对应 1.3x/1.2x 2026E/2027E P/B与14.8%的上行空间，维持跑赢行业评级。 中金主要观点如下： 股息超预期，重视股东回报 公司4Q25单季净利息收入环比+8%，同比-1%，高于一致预期7.5%。主要由于4Q25 HIBOR高于预期， 带动全年净利息收入YoY +0.8%。向前看，公司预计2026年按货币敞口结构计算的加权平均利率将下降 44bp，为控制信用成本而进行的零售部门信贷组合结构优化也将对2026年NII产生约2%的负面影响，综 合考虑信贷规模增长，2026年NII预计与2025年大致持平。 公司4Q25非息收入环比-21.2%，同比+2.3%，低 ...

Investment Rating - The report provides a positive investment rating for United Overseas Bank (UOB), indicating a favorable outlook based on its recent performance and strategic initiatives [3]. Core Insights - UOB's net profit after tax (NPAT) for Q4 2025 exceeded market expectations by 3%, driven by effective cost management and a higher net interest margin (NIM) [3]. - The bank's non-interest income fell short of expectations primarily due to declines in trading and investment income, although net fee income slightly surpassed forecasts [3]. - Asset quality showed improvement with a decrease in non-performing assets (NPA) and a decline in the non-performing loan (NPL) ratio by 10 basis points [3]. - The bank's common equity tier 1 (CET1) capital ratio improved by 40 basis points to 14.9%, indicating a strong capital position [3]. Financial Performance Summary - Q4 2025 net profit reached SGD 1.41 billion, reflecting a quarter-on-quarter increase of 218% and a year-on-year decrease of 7% due to lower provisions [3]. - Net interest income increased by 4% quarter-on-quarter but decreased by 4% year-on-year, with NIM rising by 2 basis points to 1.84% [3]. - Loan growth was 0.3% quarter-on-quarter, below expectations and weaker than the system growth, while deposits increased by 1.5% [3]. - Non-interest income decreased by 17% quarter-on-quarter and 7% year-on-year, with net fee income up by 1.5% quarter-on-quarter [3]. - The cost-to-income ratio rose to 46.5%, aligning with expectations [3]. Asset Quality and Capital Position - New non-performing assets decreased by 29% quarter-on-quarter, although they remained higher than levels seen in the first two quarters of 2025 [3]. - The NPL ratio fell to 1.5%, and specific provisions dropped to 26 basis points [3]. - Total credit costs significantly decreased to 19 basis points, with a non-performing asset coverage ratio of 97% [8]. - Liquidity ratios remained strong, with a liquidity coverage ratio (LCR) of 147% and a net stable funding ratio (NSFR) of 116% [8]. Strategic Developments - UOB is experiencing accelerated growth in its SME asset portfolio and has successfully integrated Citigroup's retail assets in four ASEAN countries, contributing positively to net profit [4]. - The bank's exposure to commercial real estate in Western markets is low, which may provide additional confidence to investors [4]. Market Position and Shareholder Information - UOB is the second-largest bank in Singapore by domestic asset size and has a significant presence in Malaysia, Thailand, Indonesia, and Greater China [6]. - As of February 23, 2026, UOB's market capitalization is USD 50.38 billion, with a share price of SGD 38.8 [11].

摩根大通预计今年净利息收入将达到约1045亿美元，此前公布季绩时预期为1030亿美元。 本文源自：金融界AI电报 ...

Core Viewpoint - Zions' recent earnings report shows strong performance with adjusted earnings per share beating estimates and significant year-over-year growth, driven by higher net interest income (NII) and non-interest income, despite rising non-interest expenses [2][4]. Financial Performance - Q4 2025 adjusted earnings per share were $1.75, exceeding the Zacks Consensus Estimate of $1.57, and up 30.5% from the previous year [2]. - Full-year 2025 earnings were $6.01 per share, surpassing the Zacks Consensus Estimate of $5.93, and reflecting a 21.4% increase year-over-year [4]. - Net income attributable to common shareholders for Q4 was $262 million, a 31% increase year-over-year [3]. Revenue and Expenses - Q4 net revenues (tax equivalent) reached $902 million, an 8.4% increase year-over-year, beating the Zacks Consensus Estimate of $864.4 million [5]. - For the full year 2025, net revenues were $3.43 billion, up 8.1% year-over-year, also exceeding the Zacks Consensus Estimate of $3.38 billion [5]. - NII for Q4 was $683 million, an 8.9% increase from the prior year, with a net interest margin (NIM) expansion of 26 basis points to 3.31% [6]. Non-Interest Income and Expenses - Non-interest income for Q4 was $208 million, up 7.8% year-over-year, driven by higher retail and business banking fees [7]. - Adjusted non-interest expenses rose 7.6% year-over-year to $548 million [7]. Credit Quality - The ratio of non-performing assets to loans and leases was 0.52%, an increase of 2 basis points from the prior year [9]. - Net loan and lease charge-offs were $7 million, significantly down from $36 million in the year-ago quarter [10]. Profitability and Capital Ratios - As of December 31, 2025, the common equity tier 1 capital ratio was 11.5%, up from 10.9% a year ago [11]. - Return on average assets was 1.16%, an increase from 0.96% in the previous year [11]. 2026 Outlook - Loan balances are expected to increase moderately, driven by commercial loans, while consumer loans are anticipated to remain stable [12]. - NII is projected to see moderate year-over-year growth, influenced by earning asset remix and loan growth [13]. - Adjusted non-interest expenses are expected to rise moderately due to technology costs and increased marketing expenses [14]. Market Performance - Zions has experienced an upward trend in estimates revisions since the earnings release, indicating positive investor sentiment [15]. - The stock currently holds a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [17].

Core Viewpoint - Citigroup's report indicates that East Asia Bank (00023) is expected to outperform market expectations in its fundamental operations, with an attractive valuation. The bank's investment rating has been upgraded from "Neutral" to "Buy," and the target price has increased from HKD 14.9 to HKD 16 [1] Group 1: Financial Performance and Projections - East Asia Bank aims to increase its Return on Equity (ROE) to 7% by 2028, compared to 3.1% in 2025 and market expectations of 5.1%. Key drivers include stable net interest income, a projected annual growth rate of 14% in non-interest income from fiscal years 2025 to 2028, and an annual cost increase of less than 5% [1] - The bank's credit costs are expected to decrease to below 60 basis points by fiscal year 2028 [1] Group 2: Dividend Expectations - The bank's dividend target for 2028 is projected to double compared to 2025 levels, suggesting a potential dividend of approximately HKD 1.2 per share by 2028. The forecasted ROE at that time is expected to reach 6%, which, while below the management's target, is still significantly higher than the general market forecast of 5.1% [1]

中信证券财富管理(香港) 产品及投资方案部 本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 10 日 星展集团 DBS SP 本文内容由 Kylie Kwok (郭凯欣) 提供 新加坡金融服务行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 2025 年四季度业绩：初步观点 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 9 日发布的题为《4Q25 result: First thoughts》的报告，星展银行（DBS）税后净利润较市场一致预期低 11%。尽管贷款增长强劲，净利息收入基本符合 市场预期。非利息收入低于预期，较市场一致预期低 15%，主因财富管理和交易业务弱于预期。运营成本控制良好。 拨备高于市场预期，因房地产敞口导致特别拨备增加，但一般拨备释放部分抵消了该影响。尽管新增不良资产大幅增 加，不良贷款率保持稳定。季度总股息为 0.81 新加坡元 ...