ICBC's 2017 Results Saw Stronger-Than-Peer NIM Expansion
Narrow-moat Industrial and Commercial Bank of China’s 7.5% revenue growth and 2.8% net profit growth from 2016 were slightly below our expectations for 8.5% and 3.6%, respectively, as we projected slightly higher fee-income growth. Operating metrics including net interest margin and growth in pre-provision operating profits continued to stand out from peers. NIM expanded 6 basis points to 2.22% and PPOP increased 9.2% from 2016. We retain our HKD 8 fair value estimate, as the performance of key ...
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