ABC's Core Earnings Growth Leads Peers in 2018; Credit Quality Sees Strong Improvement
With 11.5% and 5.1% respective growth in revenue and net profits, narrow-moat Agricultural Bank of China's 2018 results were strong across the board. The results confirmed our view that ABC will continue to outperform large peers due to its low funding costs and improving operating efficiency in the near term, underpinned by strong deposit franchise and growth momentum. As the results were largely in line, we retain our fair value estimates at CNY 4.20 for the A shares and HKD 4.80 for the H sha...AGRICULTURAL BANK OF CHINA LIMITED is a China-based commercial bank. The Bank mainly operates through four business segments. The Corporate Finance segment is engaged in the deposit and loan business, small and micro business finance, settlement and cash management, trade financing and investment banking, among others. The Personal Finance segment is engaged in personal deposit and loan, credit card business and private banking business. The Treasury segment is engaged in money market business and investment portfolio management. The Asset Management segment is engaged in the provision of financial services, asset custody business, pension business and precious metal business.
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