2025-06-15-花旗集团-花旗最受关注-金融与金融科技_12页_264kb

Citi Research Summary: Financials & FinTech Super-Sector

US Banks and Non-Bank Lending

The US non-bank commercial lending market share is approximately 13%, an market size of roughly $1.7T, while banks hold about 17%. Estimated nonbank lending's share is around 13%. Non-bank players have long been present, making up approximately 15% since 1980. It's expected that private credit will gain market share, though banks may benefit from non-deposit financial institution (NDFI) lending due to its attractive risk-adjusted returns. Further analysis planned.

Ratings & Price Targets

• LPL Financial Holdings Inc (LPLA.O): Downgraded to Neutral ($400.00 target)
• Interactive Brokers (IBKR.O): Downgraded to Neutral ($215.00 target)
• 3i Group Plc (III.L): Maintained Buy rating, target raised to £50.00
• eToro Group (ETOR.O): Initiated coverage with Neutral/High Risk, $72.00 target
• Webster Financial Corporation (WBS.N): Buy rating, $65.00 target
• Allfunds (ALLFG.AS): Buy rating maintained, target €8.80
• Deutsche Bank (DBKGn.DE): Neutral/High Risk rating, €24.20 target
• HDFC Bank (HDBK.BO): Buy rating maintained, Rs2200.00 target

Global Market Analysis

• Brazil: Potential bank tax rate increase may negatively impact earnings, credit growth, and market sentiment.
• Deutsche Bank: Faces mixed commentary; earnings below consensus; tax guidance provided by CEO.