Bank of Communications' 1Q Remained Weak due to Ongoing NIM Pressure
Though no-moat Bank of Communications', or Bocom's, first-quarter 4.0% net profit growth came in line with peers and our expectation, total revenue was disappointing with a 10.6% contraction year on year, versus a 1.5% increase in 2017. The results indicated its underperformance in net interest income continued into 2018, which contracted 2.4% and in sharp contrast to the double-digit growth for large peers. This was attributable to an 11 basis point year-on-year decline in net interest margin, ...Bank of Communications is engaged in the provision of banking and related financial services. Co. organizes its business into four segments: retail banking, corporate banking, treasury and others. Corporate banking comprises corporate loans, bills, trade finance, corporate deposits and remittance. Retail banking comprises retail loans, retail deposits, credit card and remittance. Treasury comprises money market placements and takings, investment in securities, and securities sold subject to linked repurchase agreements. Co. has 113 domestic branches and 2,648 outlets in the People's Republic of China, 9 overseas institutions and 2 representative office in London and Sydney.
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