CMB’s First-Half Results Saw Improved Credit Quality, While Fee Income Continued to Suffer
After narrow-moat China Merchants Bank released a strong earnings alert in July that surprised the market with 11.4% year-on-year net profit growth (the first double-digit growth since first-quarter 2015), its interim results were largely within our expectations. This confirmed our long-term thesis that CMB will keep outperforming, thanks to its enviable funding advantage and a lead in asset quality improvement as the efforts to optimize loan mix bear fruit. Management confirmed the asset qualit...
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