Bocom's 1H Saw Quarter-on-Quarter Improvement in Fee Income and NIM
No-moat Bank of Communications', or Bocom's, first-half results remained lackluster, with net profits increasing 4.5% from the year-ago period and representing 55% of our full-year forecast. The growth was mainly driven by decrease in tax expense as the bank increased investment in local government bonds, which are tax-exempt. Excluding this, operating profits were flattish from the year-ago period. Given results were largely in line, we retained our CNY 5.90 per share fair value estimate for A ...
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