Bank of China's Net Interest Margin Expansion Weaker Than Peers' in 2017
Narrow-moat Bank of China’s 2017 4.76% year-on-year net profit growth was largely in line with our expectation. We are a bit disappointed to see weaker-than-peer improvement in net interest margin, but BOC's 10.6% net interest income growth was on par with peers. NIM increased just 1 basis point from 2016, lower than the 3- and 6-basis-point increases for ABC and ICBC. Contrary to peers seeing sequential increases in NIM, BOC’s fourth-quarter NIM fell 2 basis points from the third quarter. We su...
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