China Citic’s NIM Expanded After the PBOC’s Liquidity Boost in the 3Q
No-moat China Citic Bank’s third-quarter results were largely in line with our expectation, with growth in total revenue and net profits both slowing to 4.1% and 3.3%, respectively, from 5.9% and 7.1% in the first half. Net profits were on track to deliver our forecast CNY 45 billion or 5.7% year-on-year growth in 2018. After the bank’s contraction stage since 2017 to reduce its shadow banking exposures as regulations tightened, the bank’s balance sheet has resumed growth. Total assets increased...
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