CMB's 1Q Results Saw Rising Operating Expenses due to Increased Technology Investment
Narrow-moat China Merchants Bank, or CMB, reported a 7.2% growth in revenue and 14% growth in net profits and the results are tracking in line with our forecast full-year net profit of CNY 80 billion, or 15% growth in 2018. First-quarter net profits contributed 28% of our full-year forecast. The results highlighted an industry-leading net interest margin, or NIM, level at 2.55%, increasing 13 basis points from the previous quarter as a result of rising asset yield while CMB is able to manage fun...
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