Agricultural Bank of China's 1Q Saw Rising NIM Pressure; Fee Income Growth Strongly Rebounded
As expected, first-quarter results of narrow-moat Agricultural Bank of China's indicated rising pressure on net interest margin, or NIM, for the large Chinese banks as the impact of monetary easing has gradually translated to lower margins for its bank lending business, since the fourth quarter of 2018. Though, the slowdown in net interest income (at 1.4% versus 14% in the year-ago period) came in a bit lower than our expectation, its strong fee income recovery at 25% resulted in the total reven...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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