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Completed 01 Nov 2017 04:29 AM HKT
Disseminated 01 Nov 2017 04:30 AM HKT
Asia Pacific Equity Research
01 November 2017
Corrected Note (See page 27 for details)
China banks
3Q17 results review: On the way to PPoP recovery [ex
A-shrs]
China banks reported 3Q17 net profit growth of 5% y/y. Pre-provisional profit (PPoP)
Banks
growth accelerated from flat y/y in 2Q17 to 7% y/y in 3Q17. However, some banks
AC
disappointed (CMB and BOC). We noted some profit-taking on the sector. In our view, the Katherine Lei
market reaction to CMB’s NIM and deposit contraction is overdone. On BOC, the asset (852) 2800-8552
quality trend is worth monitoring, but the investment case on a recovery of overseas katherine.lei@
profitability remains intact. And tuning out the noise, general trends are positive: positive Bloomberg JPMA LEI GO
net interest income growth, fee recovery, receding credit risks and rising provision levels. Stephen Tsui, CFA
We remain constructive on the sector. We continue to prefer banks with solid deposit (852) 280
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