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重慶銀行首三季多賺11%

不良貸款餘額25.24億元,不良貸款率1.48%,較去年底上升0.52個百分點;撥備覆蓋率189.6%,較去年底降低103.75個百分點。貸存比71.42%,較去年底上升5.64個百分點。

連結

大新特選客交10萬稅 利率最低0.68厘

大新銀行產品總經理及主管鄧子健表示,0.68厘是該行近年的最低息率,希望藉此吸納優質客户加入出糧户口,目標今年該行的税貸貸款額按年有雙位數增長。

雖然近月拆息上升,但鄧子健指,就整體市場而言,今年經濟及營商環境與去年相若,資金成本變動不大,相信稅貸息率會與去年相若。不過,若明年美國加息,推動本港拆息上升,相信明年的稅貸息率亦會因應上調。

連結

Credit Suisse Targeted for Breakup by Little Hedge Fund With Big Plans

A small but top-performing activist hedge fund has set its sights on an ambitious target: breaking up Swiss banking behemoth Credit Suisse Group AG.

RBR Capital Advisors AG, which is based close to Lake Zurich and headed by outspoken trader Rudolf Bohli, said Tuesday it wanted the bank to split into an investment bank, a wealth manager and an asset manager.

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IMF Identifies Nine Big Banks Likely to Struggle With Profitability

It is unusual for a body like the IMF to identify banks by name. The report named nine financial institutions in all, Besides Citigroup, Deutsche and Barclays, it also named Société Générale , SCGLY 0.13% Italy’s UniCredit UNCFF -0.54% S.p.A., the U.K.’s Standard Chartered STAN -0.30% PLC and Japan’s Sumitomo Mitsui Financial Group , Mizuho Financial Group and Mitsubishi UFJ Financial Group as likely to deliver subpar profits.

“Institutions that are not profitable might not be able to generate enough capital in the future should adverse shocks hit,” Tobias Adrian, director of the IMF’s monetary and capital markets department, told reporters. “It might become a financial stability risk not to be profitable.”

The IMF said the consensus among private-sector bank-industry analysts was for a return on equity of less than 8% for each of those nine banks in 2019. In previous research, the IMF has said that banks’ cost of equity—that is the return stock investors expect on their holdings—is at least 8%. Banks need to earn above this threshold to remain consistently profitable and otherwise may face difficulty building capital for a rainy day, the IMF said.

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海通國際升大新金融目標價至66元 大新銀行19.96元

海通國際重申大新金融(440)「買入」評級,目標價升至66元,認為市場目前未反映其一般保險業務和所剩的現金及證券投資。其擬增資旗下一般保險業務14.5億元,料業務股本回報將由2017年的2.7%反彈至2018-19年度的4.4-4.9%,33億元現金投放債券回報約為2.3-4%。

海通國際上調大新銀行(2356)目標價至19.96元,評級維持「買入」,分析員陳昔典認為,大新銀行資產和負債管理改善,淨息差壓力有限料2017-19年淨息差1.92-1.95%,料其一級資本充足比率期間維持13%以上,無補充資本需要。香港銀行同業拆息跟隨美息上升將是短期催化劑。


Japan Is Counting on Shareholder Activism to Improve Its Economy

Shareholder activism is a quintessentially American form of investing. In the U.S., CEOs live in fear of activist hedge funds, and politicians worry about their effects on workers. But the case for shareholder activism is perhaps best seen in Japan, where the corporate sector tends to be structurally skewed in favor of employees, at the expense of shareholders and the economy. In Japan several factors combine to help insulate managers from outside influence, including cross-holdings where the company owns shares in a partner firm, docile boards mostly composed of company executives, and a court system historically biased against investment funds. In Japan the worry lately has not been about too much shareholder activism but about too little. Remarkably, Prime Minister Shinzo Abe has embraced shareholder activism, in a bid to encourage the adoption of his corporate governance reforms, a central part of his economic policy platform.

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