CCB Reported Slower Revenue Growth Than Its Peers in 1Q; Despite Strong Fee Income Growth
Narrow-moat China Construction Bank reported first-quarter results, with a 4.2% growth in net profit compared with the year-ago period. While net profit growth was in line with its large peers and our expectations, the 3.3% growth in total revenue was slightly lower than our expectations. This was attributable to growth in net interest income, decelerating to 4.5% from 7.5% in 2018 as rising deposit costs weighed on net interest margin. Another negative impact on revenue growth was because of sl...
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