Pressure on Bank of China's net interest margin continues in the near term.
With 1.4% and 2.3% year-on-year contraction in total revenue and core earnings, respectively, as measured by preprovision operating profits, or PPOP, narrow-moat Bank of China's third-quarter results looked weak when compared with its Big Four peers' PPOP growth of 8%-9%. However, the results are distorted by the investment return from Nanyang Commercial Bank's one-off sales gain in second-quarter 2016. Excluding this gain, total revenue and PPOP for BOC would have grown 7.2% and 11.1% for the f...
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