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

邮储银行(01658) 1H20profitsdropped;NIMfurthersqueezed Avg.interest-bearingassetsgrewby6.4%hohin1H20,andavg.interestbearingliabilitiesgrewby6.2%hoh.NIMshrankto2.42%at1H20-endpartlyduetofastgrowthintimedeposit(vs.2.50%in2019and2.46%in1Q20).PerCBIRC,megabanks’totalNPdroppedby~12.0%yoyin1H20.PSBC’sNPdroppedby~10%yoyin1H20(ordinaryshareholders’NPdown~11%yoy),whichisinlinewithmegabanks’average.ItsNPdecreasewaslargelyduetoanincreaseof21.3%yoyincreditimpairmentlosses. Transportationsectorloanssuffered;Perso