2025年中期业绩表现稳健。截至6月30日止6个月的净利息收入按年增加8%，主要由于自本年5月起在香 港银行同业拆息面临下行压力下，资金成本下降速度快于资产收益率。此增长受惠于净息差较去年同期 扩阔23个基点至2.32%，反映集团谨慎的资金成本管理。大新银行集团的贷款对存款比率由2024年底的 67.2%微升至67.8%，与集团温和的贷款增长及严谨的存款成本管理相符。非利息收入强劲增长63%，其 中包括净服务费及佣金收入增加21%，及保险服务业绩、净交易收入、净保险财务支出及其他营运收入 合共增加184%，各业务分项均取得可观回报。 大新金融(00440)发布2025年度中期业绩，该集团期内取得净利息收入28.15亿港元，同比增加8.5%;公司 股东应占溢利14.06亿港元，同比增加26.4%;每股基本盈利4.41港元。 ...

The upcoming report from OneMain Holdings (OMF) is expected to reveal quarterly earnings of $1.25 per share, indicating an increase of 22.6% compared to the year-ago period. Analysts forecast revenues of $1 billion, representing an increase of 8.7% year over year.Over the last 30 days, there has been an upward revision of 1.2% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the cours ...

Core Viewpoint - Hancock Whitney Corp. (HWC) reported second-quarter 2025 adjusted earnings per share of $1.37, surpassing the Zacks Consensus Estimate of $1.34, and reflecting a 4.6% increase from the prior year quarter [1][10]. Financial Performance - The company's total revenues reached $375.5 million, marking a 4.4% year-over-year increase and exceeding the Zacks Consensus Estimate of $371.3 million [4]. - Net interest income (NII) rose 2.3% year over year to $279.5 million, with a net interest margin (NIM) of 3.49%, which expanded by 12 basis points [4]. - Non-interest income totaled $98.5 million, up 10.5%, driven by increases across almost all components [5]. - Total non-interest expenses increased by 4.8% to $216 million, while adjusted expenses rose by 2% [5]. Loan and Deposit Trends - As of June 30, 2025, total loans were $23.5 billion, up 1.6% from the prior quarter, while total deposits slightly declined to $29 billion [6]. Credit Quality - The provision for credit losses was $14.9 million, a significant increase of 71.1% from the prior-year quarter [7]. - Net charge-offs (annualized) were 0.31% of average total loans, up 19 basis points from the prior-year quarter [7]. Capital and Profitability Ratios - The Tier 1 leverage ratio improved to 11.39% from 10.71% year over year, and the common equity Tier 1 ratio increased to 14.03% from 13.25% [8]. - The return on average assets remained stable at 1.32%, while the return on average common equity decreased to 10.63% from 12.04% [8]. Share Repurchase Activity - In the reported quarter, HWC repurchased 0.75 million shares at an average price of $52.36 per share [11]. Strategic Outlook - The company's strategic expansion initiatives, including the acquisition of Sabal Trust Company, are expected to support top-line growth, while bond restructuring efforts and higher rates may aid NII and NIM expansion [12].

Core Viewpoint - Bank of America (BAC.N) reported second-quarter net interest income of $14.82 billion, slightly below market expectations of $14.84 billion [1] Group 1 - The reported net interest income was $14.82 billion for the second quarter [1] - Market expectations for net interest income were $14.84 billion [1]

Core Viewpoint - Financial institutions are closely monitoring the economic outlook and inflation for the second half of the year, with a focus on upcoming earnings reports from major banks like JPMorgan Chase, Wells Fargo, and Citigroup [2]. Group 1: Earnings and Market Performance - The second quarter earnings growth rate for S&P 500 companies is projected at 4.8%, marking the lowest since Q4 2023, raising concerns about the impact of tariffs on corporate performance [2]. - Major banks are expected to report better-than-expected profit growth driven by active trading and a mild rebound in investment banking, with an increase in IPOs and mergers since April [3]. - Analysts predict that trading revenues will rise by 5%-10% in Q2, with strong expectations for investment banking revenues as market conditions improve [3]. Group 2: Interest Income and Credit Quality - Net interest income (NII) growth is anticipated to be around 5%, supported by resilient financial conditions among consumers and businesses, despite a softening in loan demand [3]. - Credit quality remains strong for both consumer and commercial borrowers, with limited provisions for potential bad loans expected [3]. Group 3: Regulatory Environment and Capital Deployment - Recent stress tests indicate that large financial institutions are well-capitalized to withstand adverse conditions, leading to increased dividends and stock buyback plans [4]. - The regulatory environment is expected to become more favorable, with the appointment of Michelle Bowman as the Fed's vice chair for supervision signaling a shift towards less stringent regulations [4]. Group 4: Economic Challenges and Opportunities - Potential headwinds for financial institutions include economic slowdown pressures, inflation concerns related to tariffs, and geopolitical tensions [5]. - Despite some recovery in the IPO and M&A markets, activity remains below peak levels from previous years [5]. - The stability of corporate credit spreads and the potential for rising long-term interest rates could benefit net interest income, enhancing profitability for banks [5]. Group 5: Insights from Earnings Calls - Earnings calls from major banks will provide critical insights into economic outlooks, particularly regarding net interest income and the impact of tariffs and fiscal concerns on long-term rates [6]. - Consumer confidence has shown signs of improvement, with high-end consumers continuing to spend, although rising long-term rates could pose challenges [6].

Core Viewpoint - UBS forecasts that Hang Seng Bank's net profit for the first half of the year will decline by 17% year-on-year due to compression in net interest income (NII) and an expected increase in expected credit loss (ECL) expenses [1] Financial Performance - Hang Seng Bank is expected to announce its 2025 first-half results on July 30, with a projected net profit decrease of 17% year-on-year [1] - The bank is currently trading at 1.3 times the one-year forward price-to-book ratio [1] Investment Rating - UBS maintains a "Neutral" rating on Hang Seng Bank's stock with a target price of HKD 112 [1] - The expected dividend yield for Hang Seng Bank in 2025 is projected to be 5.4% based on the target price, with a buyback yield of 1% [1]

Group 1 - The company expects its net interest income (NII) outlook to improve slightly compared to the first quarter report, projecting approximately $94.5 billion for the full year of 2025, consistent with last month's expectations [1] - The company plans to reassess its formal guidance before the release of the second quarter earnings report in July, with a potential increase of $1 billion in the 2025 full-year performance [1] - The company is cautious about the impact of tariffs imposed by President Donald Trump on various countries, noting that the effect on its commercial and industrial portfolio will depend on specific industry dynamics and the extent to which costs can be passed on to consumers [1] Group 2 - The company is focused on organic growth but is also considering potential acquisitions, while controlling employee growth and leveraging existing staff to support new business growth [2] - Management has been instructed to utilize the current business layout efficiently to support additional business growth [2]

Investment Rating - The report maintains a recommendation for the banking sector [2] Core Insights - The banking sector's performance in Q1 2025 shows a decline in revenue, PPOP, and net profit growth rates, with respective year-on-year changes of -1.72%, -2.15%, and -1.20% [1][15] - The decline in profit growth reflects constraints on the banking industry's profit flexibility and willingness to release [12][14] - The adjustment in the bond market has impacted revenue, particularly affecting non-interest income, which saw a significant drop in growth [12][13] - The report suggests that the negative growth in Q1 does not necessarily indicate a negative trend for the entire year, as historical data shows potential for recovery [14] Summary by Sections 1. Performance Overview - The overall performance of listed banks in 2024 showed marginal improvement, but Q1 2025 experienced a setback with net profit growth turning negative [15] - In 2024, listed banks achieved total revenue of 5.65 trillion yuan and net profit of 2.14 trillion yuan, with respective growth rates of 0.08%, -0.70%, and 2.35% [15][21] 2. Net Interest Income - Net interest income growth is showing signs of recovery, with improvements in loan stability and deposit recovery [15] 3. Non-Interest Income - Non-interest income has turned negative, significantly impacting overall performance [12][15] 4. Asset Quality - The asset quality remains stable, but attention is needed on retail and small micro-enterprise loans [15] 5. Costs and Taxes - The report discusses the cost-to-income ratio and tax implications for the banking sector [15] 6. Capital and Dividends - The capital adequacy ratio has decreased in Q1, but the report emphasizes that a negative growth in Q1 does not imply a negative annual performance [14][15] 7. Investment Recommendations - The report advocates for a balanced investment strategy focusing on long-term growth and cash flow perspectives across different bank segments [6][15]

Core Viewpoint - The overall credit growth in China's banking sector has slowed from double digits to single digits, primarily due to insufficient demand, especially from the household sector. However, some regional banks in the Yangtze River Delta continue to show robust credit growth due to local economic vitality [1]. Group 1: Credit Demand and Growth - Insufficient credit demand, particularly from the residential sector, has led to a slowdown in overall credit growth in China's banking industry [1]. - Regional banks in the Yangtze River Delta, such as city commercial banks, have maintained stable credit growth due to strong local economic activity [1][2]. Group 2: Asset Scale Changes - The asset scale rankings among city commercial banks in the Yangtze River Delta have shifted, with Jiangsu Bank reaching a scale of 4 trillion yuan, surpassing Beijing Bank to become the second-largest city commercial bank in China [3]. - Ningbo Bank has overtaken Shanghai Bank, with asset totals of 3.4 trillion yuan and 3.27 trillion yuan, respectively, as of the end of Q1 [3][6]. Group 3: Q1 Performance Highlights - Q1 is typically a peak period for commercial bank lending, contributing significantly to overall credit growth. Despite a general slowdown, banks in the Yangtze River Delta achieved an average asset growth rate of 7% in Q1 [4]. - Jiangsu Bank, Ningbo Bank, Shanghai Bank, Nanjing Bank, and Hangzhou Bank reported significant asset growth, with Jiangsu Bank leading with a 12.84% increase [6]. Group 4: Interest Income and Revenue Growth - Net interest income for banks in the Yangtze River Delta has seen substantial growth, with Jiangsu Bank, Ningbo Bank, Shanghai Bank, Nanjing Bank, and Hangzhou Bank all reporting double-digit increases [8]. - The average revenue growth for city commercial banks in the Yangtze River Delta was approximately 5% in Q1, outperforming the average growth of 1.59% for listed city commercial banks [11]. Group 5: Non-Interest Income and Investment Gains - Non-interest income, particularly from investment gains, has also shown strong performance, with Jiangsu Bank, Ningbo Bank, and Nanjing Bank reporting investment income growth around 30% [12]. - Investment income has become a significant contributor to overall revenue, with some banks achieving over 100% growth in this area [13].

Investment Rating - The investment rating for Postal Savings Bank is "Buy" with a target price not specified [6] Core Views - The bank's non-interest income has shown significant improvement, contributing to revenue growth despite a slight decline in net interest income [1][2] - The bank's asset quality remains stable with a non-performing loan ratio of 0.91% and a provision coverage ratio of 266% [2][3] - The bank's core tier one capital adequacy ratio is at 9.21%, reflecting a decrease due to increased loan disbursements [3] Financial Performance Summary - In Q1 2025, Postal Savings Bank reported revenue of 89.4 billion yuan, a year-on-year decrease of 0.07%, with net profit at 25.4 billion yuan, down 2.62% year-on-year [1] - Non-interest income reached 20.5 billion yuan, a year-on-year increase of 14.83%, driven mainly by a 104.58% increase in investment net income [1] - The bank's net interest margin recorded at 1.70%, down 15 basis points quarter-on-quarter and 20 basis points year-on-year [2] Asset and Liability Management - Total interest-earning assets amounted to 17.45 trillion yuan, growing 8.1% year-on-year, with loans and financial investments increasing by 10.1% and 9.5% respectively [2] - The bank's interest-bearing liabilities reached 16.70 trillion yuan, up 8.6% year-on-year, with deposits growing by 9.2% [2] Profitability Forecast - The bank's projected net profit growth for 2025-2027 is estimated at 1.23%, 3.98%, and 4.42% respectively, with corresponding book value per share (BPS) of 8.82, 9.25, and 9.64 yuan [4][11]