China Citic Bank Faces Greater Headwinds From Tighter Liquidity and Asset Deleveraging
China Citic Bank’s first-quarter results are largely within our expectations, with total revenue contracting 6.67% and net profit holding steady at 1.69% from the year-ago period. The bank saw falling revenue in both net interest income, or NII, and fee income, despite the contraction in operating expense by 20% and provision charge by 1.8%. As we stated in our previous earnings note, China Citic Bank faced higher-than-peer net interest margin, or NIM, pressure in 2017, given its greater exposur...
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