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...INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED is a China-based company principally engaged in the provision of banking and related financial services. The Bank mainly operates three segments, including Corporate Banking segment, Personal Banking segment and Treasury segment. The Corporate Banking segment provides loan, trade financing, deposit, corporate finance, custody and other related financial products and services to enterprises, government agencies and financial institutions. The Personal Banking segment provides loan, deposit, bank card, personal finance and other related financial products and services to individual customers. Treasury segment includes money markets business, securities investment business, self and valet foreign exchange trading and derivative financial instruments business. The Company conducts its businesses within domestic and overseas markets.
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