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<Research>UBS: CITIC BANK (00998.HK) 1Q Rev. Growth Strong, Boosted by Investment Gains
Recommend 12 Positive 17 Negative 4 |
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CITIC BANK (00998.HK)'s 1Q24 net operating profit after tax grew 0.2% YoY, slightly better than most state-owned banks, UBS issued a research report saying. Core earnings declined 4.1% YoY, dragged down by a 4.5% YoY drop in net interest income, with a 2% YoY decline in net fee income. Investment gains surged 105.7% YoY, leading to a 4.5% YoY increase in total revenue. UBS expected the market to react positively to CITIC BANK's 1Q24 results, and rated the stock at Neutral, with a target price of $3.65. AAStocks Financial News |
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