Bocom's deposit franchise remains weak.
Bank of Communications’, or BOCOM's, first-quarter results were weak, with the firm posting a 2.0% revenue drop and 1.3% net profit growth from the year-ago period. Its 8.3% contraction in net interest income was weaker than our expectation and the largest decline among state-owned enterprise peers. This was attributable to a 44-basis-point decline in net interest margin versus the year-ago period. Excluding the value-added tax, or VAT, reform, NIM would have contracted 30 basis points to 1.71%....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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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