Inside Executive summary 2 Initiating coverage a look back, a look forward 4 Rising credit costs a material EPS headwind 13 Slowing loan demand will limit growth in net interest income 25 Pockets of strength for market-sensitive fees 31 In...
TABLE OF CONTENTS Patriot Games.................................................................................................4 Revenues margins remain the key...................................................................11 Net inte...
China Banks Implication of Strong Liquidity; Positive Near Term Liquidity a positive near term: Though negative to NIM, we expect strong liquidity to lead to good loan growth and easing of asset quality pressure in the near term. The liqui...
China Banks Worst NIM Behind Us Soon; Liquidity Helps Asset Quality Worst likely to be behind us soon in NIM: Industry data shows that new discounted bills as a percentage of total new loans has peaked out in 1Q09. Term deposits as a perce...
Table of Contents Cutting our numbers further due to increasing pressures on Italian banks revenues ............................................................3 1. Net interest income: margin pressure to start from Q109 7 2. Fees and comm...
目 录 Ⅰ 银行业基本运行态势分析...........................................1 一、存款分析...................................................... 1 （一）金融机构人民币各项存款增速逐月提高.......................... 1 （二）企业存款和居民储蓄...
Italian Banks Cycle Set to Bite We assume coverage of the Italian banks with a cautious view on the near-term outlook. Though structurally attractive, we see scope for the Italian banks to surprise negatively in the near term. Our analysis...
Interim results should provide a reality check for Hong Kong banks. This is because the credit cost trajectory is far less severe than in 1998-99, capital ratios are improving and the momentum of preprovision operating profit (PPOP) remain...
Different Funding Sources Give More Latitude to Operate With Weak Capital Investment conclusion: The relatively weak capital positions of Mizuho and SMFG are just one factor behind our Underweight recommendations. We do not believe that Mi...
May 29, 2009 Philippines Banks Overweight an Often Overlooked Market Initiate on Philippine banks with Attractive view: we see upside risk from solid growth, increasing returns and a recovery in investment markets. The Philippines offers p...
