服务费和净利息收入，哪一个更稳定？

问题如下：

Based only on Exhibit 2, which of the following statements is correct?

选项：

The quality of earnings for R-bank was the highest in 2009.

Relative to the other banks, N-bank has the highest quality of earnings in 2017.

Trading represented a sustainable revenue source for T-bank between 2005 and 2013.

解释：

B is correct.

The quality of earnings is directly related to the level of sustainable sources of income. Trading income tends to be volatile and not necessarily sustainable. Higher-quality income would be net interest income and fee- based service income. Because N-bank’s 2017 trading revenue contribution is the lowest relative to other banks, its quality of earnings would be considered the best of the three banks.

解析：

考点：Analysis of Financial Institutions - Analyzing A Bank - The CAMELS Approach - Earnings

在 CAMELS 的 E：Earnings 中，我们介绍过银行的利润来源：质量最高的是 net interest income ，其次是 service income，最后是 trading income。

因为 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 1）trading income 不稳定；2）更大比例的 net interest income 和 service income 通常比 trading income 更具有可持续性

Exibit 2 提供的信息是：各年份，trading income，占总 revenue 的比例。比例越高，银行的盈利质量就越差。

选项 A 错误。2009 年 R-bank 的数据为 17.0%，trading income 占总盈利的比例，为三个银行中最高，所以盈利质量最「差」。而选项 A 的描述是 highest，错误。

选项 B 正确。2017 年，N-bank 的数值为 4.2%，trading income 占总盈利的比例，为三个银行中最低，所以盈利质量最「好」。选项 B 描述是 highest，正确

选项 C 错误。可持续的收入来源，应该是 net interest income 和 service income。而选项 C 的描述是 trading income，错误。