招商证券(香港)：邮储银行（01658）港股公司研究报告-Steadygrowthandsoundassetquality

邮储银行(01658) Ord.shareholders’profitup15.06%yoy,inlinewithexpectation Soundassetqualitymaintained MaintainBUYandslightlyreviseTPtoHKD8.2 2021resultsinlinewithourexpectation 1)PPOPincreasedby8.06%yoy,andshareholders’NProseby18.65%yoyin2021(ord.shareholders’NPincreasedby15.06%yoyin2021,inlinewithourexpectation).2)NIMwas2.36%in2021.PSBCmanagedastabilizedNIMin2H21byoptimisingitsassetandliabilitystructure.3)Assetqualityremainedexcellent,inlinewithourexpectation.In2021,theNPLformationratioremainedlowat