ICBC Posted Slowing Top-Line Growth; Management Hints at Improved Outlook for NIM and Credit Quality
With 0.4% net profit growth, Industrial and Commercial Bank of China’s, or ICBC's, 2016 results were not outstanding. However, management’s outlook for 2017 was more optimistic than our expectations. Similar to peers, ICBC’s total revenue dropped 3% from 2015 on a 7.1% net interest income decline, partially offset by 1.1% in fee income growth. Preprovision operating profits inched up 0.4%, boosted by a 59% drop in business tax due to increased investment in government bonds, which are tax-exempt...
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