报告名称：Bank of East Asia Ltd(00023.HK)2H15 results：Challenges still abound 2H15 results
报告类型：港股研究
报告日期：2016-02-16
研究机构：德意志银行股份有限公司
股票名称：东亚银行
股票代码：00023
页数：15
简介：Disappointing results; asset quality remains key risk
No respite in 2H15 results: worst annualized RoAE since 2008
NII/NIM: NII fell 7% HoH, while group NIM fell 11bp HoH to 1.60% (ChinaNIM was 1.70% [-25bp HoH]).
Non-interest income: was partially supported by lower funding swap cost-HKD209m (1H15: -HKD529m) as BEA had previously swapped for CNHfunding in response to an RMB trade loans request in 1H15. Fees weregenerally weak (-13% HoH) across the board.
Asset quality: credit cost jumped to ann. 56bps (1H15: 36bps), as Chinaprovisions increased 49% HoH to HKD1bn, while the proportion ofimpaired loans was steady at 2.63% (-2bps HoH) from better recoveries.Provision coverage is more of a catch-up play, now at 48% (1H15:36%).
Loan & Deposit: loans contracted 2.5% HoH led by HK corporate loans tostockbrokers, FIs, W&R traders, and manufacturing. On constant currency,BEA China expanded its loan book (~6.8% HoH), while being flattish inHKD due to the RMB depreciation. Group LDR was 82%.
Capital: remained solid with CET1 at 12.2% but fell 100bp HoH as RwAjumped 7.6% HoH (total assets down 4% HoH), affected by changes in riskweight methodology and a lower trade loan balance.

下载地址：Bank of East Asia Ltd(00023.HK)2H15 results：Challenges still abound 2H15 results