ICBC Saw Strong Improvement in Credit Quality, Deposit Costs Advantage Remained Intact
Following Industrial and Commercial Bank of China's solid results including net profit increasing 4.1% from 2017, we retain our CNY 6.50 per share fair value estimate for the A-shares, and HKD 7.50 for H-shares as results were largely in line. Net profit growth came in slightly below our 5% expectation as a result of increased provision expenses, while growth in preoperating provision profits, or PPOP, remained steady at 9%. In our view, such high growth indicated ICBC’s strong top line growth a...
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