China Citic Bank’s NIM Suffered; Asset Quality Yet to See a Turning Point
China Citic Bank’s first-half results reaffirmed our belief that small banks with a weak deposit base and reliance on asset expansion to achieve profit growth face rising challenges from financial deleveraging and rising interest rates. The negative impact is likely to last longer than peers, due to its high exposure to shadow bank investment and high SOE sector lending than other joint-stock banks. On a year-on-year basis, second quarter saw financial improvement, with total revenue increasing ...
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