Industrial and Commercial Bank of China Saw Accelerated Growth in Third Quarter and Is Undervalued
With growth in revenue and net profit accelerating to 7.7% and 5.1%, respectively, from the year-ago period, narrow-moat Industrial and Commercial Bank of China delivered another set of strong results in the first three quarters. Given the results representing 80% of our projected full-year net profit, the bank is well on track to deliver our forecast 5.8% net profit growth in 2018. The results highlighted its faster-than-peer deposit growth, steady credit quality, and improving operating effici...
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