ICBC's First Quarter Recorded Stronger-Than-Peer Top-Line Growth
Despite Industrial and Commercial Bank of China's solid results, we retain our CNY 6.50 per share fair value estimate for the China A-shares, and HKD 7.50 for H-shares as results were largely in line. Net profit increased 4.1% from 2017. The results stood out with a better-than-peer performance in net interest margin and strong improvement in operating efficiency. Boosted by the 19% revenue growth and a 304 basis point improvement in cost/income ratio, growth in preprovision operating profits ac...
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