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<Research>CICC: CN Banks' 1Q Results Largely in Line, Mkt Shrs Rise
Recommend 61 Positive 125 Negative 49 |
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The 1Q24 results of Chinese banks were basically in line with expectations, CICC released a research report saying. Bank results for 2023 and 1Q24 reflect the operating pressure in the banking industry under the weak macro recovery environment, which is manifested in the phenomenon such as the declining net profit growth, pressure on interest spreads, an increase in the market share of banks and a decline in the market share of small- and medium-sized banks, etc.. At the same time, banks are also actively responding to the situation by increasing provisions for forward-looking risks, stabilizing interest spreads through "volume-price balance", and lowering business expenses, etc.. The policy signals released by the recent Politburo meeting can help reduce the market's concern about banks' asset quality. Considering dividends and fundamentals, CICC recommended banks with high dividend, naming CM BANK (03968.HK), BANKCOMM (03328.HK), BANK OF CHENGDU(601838.SH) and BANK OF CHINA (03988.HK), banks with improved fundamental, like MINSHENG BANK (01988.HK), CZBANK (02016.HK), YU RURAL COMMERCIAL BANK(601077.SH), and BANK OF NINGBO(002142.SZ) with growth potential, etc.. AAStocks Financial News |
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