Bank of Communications' 1Q Remained Weak due to Ongoing NIM Pressure
Though no-moat Bank of Communications', or Bocom's, first-quarter 4.0% net profit growth came in line with peers and our expectation, total revenue was disappointing with a 10.6% contraction year on year, versus a 1.5% increase in 2017. The results indicated its underperformance in net interest income continued into 2018, which contracted 2.4% and in sharp contrast to the double-digit growth for large peers. This was attributable to an 11 basis point year-on-year decline in net interest margin, ...
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