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

邮储银行(01658) NIMslippedto2.46%in1Q20 Overallloanqualitystable,butNPLbalanceup5.3%qoq MaintainNEUTRAL 1Q20NIMshrankasexpected 1)PPOPincreasedby6.7%yoy,andshareholders’netprofitroseby8.4%yoyin1Q20.ROAandshareholders’ROEwere0.77%and15.8%,respectively.2)Totalloanbalancegrewby5.4%qoq,whichoutpacedthegrowthofdeposits(4.8%qoqin1Q20),indicatingimprovedloan-to-depositratio.Thefastgrowthofloanscanbepartiallyattributedtothedownwardexpectationofinterestrate,asbanksmaychoosetograntloansupfronttoincreasenear-t