中银国际发布研究报告称，维持招商银行(03968)“买入”评级，目标价由41.8港元升至49.72港元。招商银行公布去年初步业绩快报，上季盈利增长较高，资产质素优良，与该行预期大致相符。

该行表示，根据初步业绩，招行去年应占净利润同比增长1.2%，较该行预期低约0.7%。注意到其第四季应占纯利同比增长7.6%，而第三季同比增长0.8%，首三季则同比减少0.6%。与此同时，报告称，招行资产质量维持优良，不良贷款在第四季只轻微上升，不良贷款拨备仍维持在较高水平。相信招行在去年的净资产平均收益率将维持在同业最高水平。

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