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huangme7 · 2024年03月27日

问题

  1. CFA II
  2. FRA

* 问题详情，请 查看题干

NO.PZ202208300100000705

问题如下：

Using Exhibit 2, which of Yu’s points in support of the CAMELS score she assigns for earnings quality is least accurate? The point concerning:

选项：

A.trading income volatility. B.growth in net interest income. C.net interest income proportion.

解释：

Solution

B is correct. Yu’s point about the constant rate of growth of net interest income is not accurate. As shown in the table below (Part A), the growth rate for net interest income has been increasing, not stable, over the five-year period. Her point about trading income is accurate. Although it is volatile, it is a small portion of net income, which supports a rating of higher quality of earnings. Trading income is the least sustainable of the three types of income; therefore, low reliance on it is better for earnings quality. As shown in Part B of the table below, the mix between net interest income and other income has been stable over the last three years, which is also a sign in support of high-quality earnings.

Analysis of Bank Income


A is incorrect. Her point about trading income is accurate. Although it is volatile, it is a small portion of net income in support of higher quality of earnings. Trading income is the least sustainable of the three types of income; therefore, low reliance on it is better for earnings quality.

C is incorrect. As shown in Part B of the table above, the mix between net interest income and other income has been stable over the last three years, which is also a sign in support of high-quality earnings.

中文解析：

这道题考查的是银行的盈利能力分析。

题干给了，2014年-2018年银行的盈利组成部分。Y同学论述说：“我们必须完成CAMELS分析。在我对银行盈利信息的初步审查中，我根据以下几点给出了一个反映高质量收益的分数：投资收入是波动性的，但它只是收益的一小部分；在此期间，存贷利差一直在以固定不变的速度增长；存贷利差占总收入的比例近年来一直保持稳定。”

接下来题目问，Y同学的观点中哪个最不正确。

银行的利润主要来源于三个方面：贷款利息收入即存贷利差（net interest income），利息都是合同里约定好的；作为中介收的服务费（service income）；投资收入(trading income)主要赚的是金融产品价格的价差，但是金融市场波动比较大，所以投资收入不稳定。所以可以得到结论，如果投资收入占银行的盈利比例越大，那么银行的盈利质量就越差。

B选项正确。如下所示，存贷利差的增长率在五年期间一直在增长，但并不稳定。所以Y同学关于存贷利差的固定增长率的观点并不准确；她关于投资收入的观点是准确的。尽管它波动剧烈，但它只占净利润的一小部分，这支持了更高质量的收益评级；如下表b部分所示，存贷利差占扣除利息费用后的总收入的占比一直保持稳定，这也是支持高质量收益的一个标志。



A选项错误。她关于投资收入的观点是准确的。投资收入是三种收入中最不可持续的；因此，对它的低依赖更有利于盈利质量。

C选项错误。如表中所示，存贷利差占扣除利息费用后的总收入的占比一直保持稳定，这也是支持高质量收益的一个标志。

存贷利差的增长率在五年期间一直在增长，但并不稳定。


从哪里看出不稳定？

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1 个答案

王园圆_品职助教 · 2024年03月27日

同学你好，题目原文请看下面截图，说的是net interest income growth rate 是constant的，也就是不变的

但是你看计算的结果，解析表格里明明net interest income growth rate 每年都在增加（3.2%到8.4%），这就不是constant而是increasing了，所以肯定原题的说法是错的

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NO.PZ202208300100000705 问题如下 Using Exhibit 2, whiof Yu’s points in support of the CAMELS score she assigns for earnings quality is least accurate? The point concerning: A.trang income volatility. B.growth in net interest income. C.net interest income proportion. SolutionB is correct. Yu’s point about the constant rate of growth of net interest income is not accurate. shown in the table below (Part A), the growth rate for net interest income hbeen increasing, not stable, over the five-yeperio Her point about trang income is accurate. Although it is volatile, it is a small portion of net income, whisupports a rating of higher quality of earnings. Trang income is the least sustainable of the three types of income; therefore, low relianon it is better for earnings quality. shown in Part B of the table below, the mix between net interest income another income hbeen stable over the last three years, whiis also a sign in support of high-quality earnings. Analysis of Bank IncomeA is incorrect. Her point about trang income is accurate. Although it is volatile, it is a small portion of net income in support of higher quality of earnings. Trang income is the least sustainable of the three types of income; therefore, low relianon it is better for earnings quality. C is incorrect. shown in Part B of the table above, the mix between net interest income another income hbeen stable over the last three years, whiis also a sign in support of high-quality earnings. 中文解析这道题考查的是银行的盈利能力分析。题干给了，2014年-2018年银行的盈利组成部分。Y同学论述说“我们必须完成CAMELS分析。在我对银行盈利信息的初步审查中，我根据以下几点给出了一个反映高质量收益的分数投资收入是波动性的，但它只是收益的一小部分；在此期间，存贷利差一直在以固定不变的速度增长；存贷利差占总收入的比例近年来一直保持稳定。”接下来题目问，Y同学的观点中哪个最不正确。银行的利润主要来源于三个方面贷款利息收入即存贷利差（net interest income），利息都是合同里约定好的；作为中介收的服务费（serviceincome）；投资收入(trang income)主要赚的是金融产品价格的价差，但是金融市场波动比较大，所以投资收入不稳定。所以可以得到结论，如果投资收入占银行的盈利比例越大，那么银行的盈利质量就越差。 B正确。如下所示，存贷利差的增长率在五年期间一直在增长，但并不稳定。所以Y同学关于存贷利差的固定增长率的观点并不准确；她关于投资收入的观点是准确的。尽管它波动剧烈，但它只占净利润的一小部分，这支持了更高质量的收益评级；如下表b部分所示，存贷利差占扣除利息费用后的总收入的占比一直保持稳定，这也是支持高质量收益的一个标志。A错误。她关于投资收入的观点是准确的。投资收入是三种收入中最不可持续的；因此，对它的低依赖更有利于盈利质量。C错误。如表中所示，存贷利差占扣除利息费用后的总收入的占比一直保持稳定，这也是支持高质量收益的一个标志。 这个指标又是怎么算的？

2024-04-01 06:52 1 · 回答