CMBC Saw Significant Cut in Staff Compensation; Credit Quality Remains Challenging
With 1.7% year-on-year growth in net profit, China Minsheng Bank’s, or CMBC's, first-half results were roughly in line with our expectations. The 11% growth in preprovision operating profit was driven by 0.9% and 11.6% growth in net interest income and fee income, respectively, and a surprisingly high 431-basis-point improvement (to 23.03%) in the bank's cost/income ratio. This cost/income improvement was the largest among Chinese banks we cover, and was attributable to a 25% decline in staff co...
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