Top-Line Growth for BOC Rebounded, and Asset Quality Risks Eased
Narrow-moat Bank of China's first-half results exceeded our expectations with a significant pickup in top-line growth. Second-quarter net interest income and fee income grew 14.8% and 6%, respectively, against the year-ago period, the highest growth among large state-owned banks. BOC’s outperformance was largely attributable to the strong growth momentum of its overseas business, which represents nearly 30% of total assets, while growth in domestic corporate loans was in line with peers. Oversea...
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