ABC remains a defensive play, with an industry-leading provision level.
Agricultural Bank of China's, or ABC's, recovering growth in the first half continued into the third quarter. It reaffirmed our long-term thesis that ABC, as a bank with an enviable funding cost advantage, should fare better than peers during the current financial deleveraging environment with tightening regulatory controls. Furthermore, the bank again sees room for operating efficiency improvement once its top-line growth picks up. Bright spots of ABC’s results include consistent net interest m...
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