東亞銀行從中國"錢荒"中受益

Hong Kong-based Bank of East Asia Ltd., with a larger Chinese operation than its peers, benefited from China's cash crunch last year: Largely thanks to its China business, the city's largest family-run lender by assets Tuesday posted a record profit of 6.61 billion Hong Kong dollars (US$853 million), up 9% from the year before.

總部位於香港的東亞銀行有限公司(Bank of East Asia Ltd., 簡稱：東亞銀行)在華業務規模高於同行，中國去年的“錢荒”令該行受益。東亞銀行週二公佈，2013年利潤達到創紀錄的66.1億港元（合8.53億美元），較前一年增加9%，主要得益於中國業務的貢獻。按資產規模衡量，東亞銀行是香港最大的家族銀行。

While the profit margin for BEA's core Hong Kong lending business was flat, its China operation's net interest margin--a gauge of lending profitability--raised analysts eyebrows by jumping to 2.29% from 2.15% in 2012.

儘管東亞銀行核心的香港借貸業務利潤率持平，但中國業務的淨利息收益率（衡量貸款業務盈利能力的指標）從2012年的2.15%升至2.29%，令分析師感到意外。

'NIM especially improved in the second half year, because the rise in Shibor (Shanghai interbank offered rates) helped our placement in the interbank market as we are a net lender,' said Deputy Chief Executive Brian Li in a press briefing Tuesday.

東亞銀行副行政總裁李民斌(Brian Li)週二在新聞發佈會上表示，下半年淨利息收益率的改善尤其明顯，因爲東亞銀行是一家淨貸款行，上海銀行間同業拆放利率(Shibor)上升對該行在銀行間市場的資金配置有利。

The short-term interest rates that banks charge each other abruptly surged to multiyear highs in June and again in December, as Chinese authorities' efforts to tame the mounting risks of 'Shadow banking' dried up liquidity in China's money market. Shadow lenders are a mélange of informal funding sources, from traditional banks' off-balance-sheet lending arms to trust companies, insurance firms and pawnbrokers.

去年6月和12月，銀行間市場短期利率一度飆升至數年高點，因中國政府抑制影子銀行風險不斷加劇的努力導致貨幣市場流動性枯竭。影子銀行指的是一系列非正式融資渠道，包括傳統銀行的表外借貸機構、信託公司、保險公司和典當行。

The squeeze hurt smaller banks that rely heavily on interbank borrowing. China Everbright Bank Co., for example, in June defaulted on 6.5 billion yuan ($1.07 billion) in of interbank loans.

流動性枯竭對嚴重依賴銀行間借貸的中小型銀行構成衝擊。例如，6月份中國光大銀行(China Everbright Bank Co.)有人民幣65億元（合10.7億美元）銀行間貸款出現違約。

By contrast, their larger cash-rich counterparts, like Industrial & Commercial Bank of China Ltd.--the country's top bank by assets--were in a position to provide liquidity to smaller peers and so benefit from the soaring interest rates. Foreign banks, which have conservative balance sheets to meet regulatory requirements, are also net lenders.

相比之下，現金充裕的大型銀行――如中國資產規模最大的中國工商銀行股份有限公司(Industrial & Commercial Bank of China Ltd., 簡稱：工商銀行)――就處於向小型銀行提供流動性的位置，因而可以從利率飆升中受益。爲滿足監管要求而維持保持資產狀況的外資銀行也是淨貸款方。

BEA Tuesday became the first to pop its Champagne: Its China business last year posted a profit of HK$1.9 billion (US$245 million), up 16%.

東亞銀行週二成爲率先公佈良好業績的外資銀行：去年其中國業務實現利潤19億港元（合2.45億美元），增加16%。

Bank of East Asia has been more aggressive than its Hong Kong peers in mainland China, opening 128 outlets in 42 cities. Its results are often closely watched by analysts and peer banks to gauge China's banking environment.

東亞銀行在中國大陸的業務拓展要比其香港同行更爲積極，在42個城市設立了128個網點。分析師和銀行同業密切關注該行業績，以評估中國銀行業環境。

Bad loans in its China business surged 85% to HK$840 million, and its nonperforming loan ratio jumped to still-low 0.49% from 0.27%.

該行中國業務的不良貸款增加85%，至8.4億港元；不良貸款比率從0.27%升至0.49%，仍處於低位。

'I'm concerned about NPLs in China, given a slower economy that hurts exports and manufacturing sector,' said Mr. Li, the younger son of Chairman David Li and brother of fellow Deputy CEO Adrian Li. 'But new NPL formation remains under control so far.'

李民斌表示，考慮到經濟放緩對出口和製造業造成衝擊，他對中國業務的不良貸款狀況感到擔憂。但迄今爲止新形成的不良貸款仍然在控制之中。李民斌是東亞銀行主席李國寶的次子，是副執行總裁李民橋(Adrian Li)的弟弟。

Bank of East Asia is one of the city's three remaining family-owned lenders, which are under takeover spotlight again following the recent acquisition of Chong Hing Bank Ltd. by Chinese property conglomerate Yuexiu Group.

東亞銀行是香港現存的三家家族銀行之一；近期創興銀行有限公司(Chong Hing Bank Ltd., 簡稱：創興銀行)被中國房地產綜合企業越秀集團(Yuexiu Group)收購之後，東亞銀行再度成爲收購焦點。

Asked whether the Li family, whose stake in the bank is estimated by analysts at 7.6%, is interested in selling, the senior Li said: 'It's all about shareholders' value. If someone offers three to four times of book value, I would consider.'

當被問到李氏家族是否有意出售東亞銀行時，李國寶稱，完全要看股東的價值。如果出價達到帳面價值的三到四倍，他會予以考慮。分析師們估計，李氏家族持有東亞銀行7.6%的股份。

At the peak of financial boom in 2008, Chinese lender China Merchants Bank Co. paid US$2.47 billion, almost three times book value, for Wing Lung Bank. But Chong Hing went last October for HK$1.5 billion, a more modest 2.4 times book value, and Oversea-Chinese Banking Corp.'s last offer for Wing Hang Bank, at US$5 billion, was just 1.9 times book value.

在2008年金融業熱潮達到頂峯時，招商銀行股份有限公司(China Merchants Bank Co.)以24.7億美元收購永隆銀行(Wing Lung Bank)，交易價格大約是該行帳面價值的三倍。但去年10月份創興銀行的售價是15億美元，相當於帳面價值的2.4倍。而華僑銀行(Oversea-Chinese Banking co.)對永亨銀行(Wing Hang Bank)的最終報價是50億美元，僅相當於後者帳面價值的1.9倍。

BEA is now trading at 1.1 times its forecast 2014 book value.

東亞銀行當前股價是2014年預期每股帳面價值的1.1倍。