China Construction Bank Saw Resilient Fee Income Growth in 2017 Despite Industrywide Challenges
With a 10.4% pre-provision operating profit growth and 4.7% net profit growth, narrow-moat China Construction Bank’s, or CCB's, 2017 results were largely in line with our expectation, though total revenue growth was a bit disappointing at 2.7% from 2016. The weaker than peer top line growth was partially attributable to a 66% contraction in investment return from available-for-sale equity investments and modest net interest margin, or NIM, expansion. Despite the weaker top line growth, the resul...
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