CMB’s 2018 Results Showed Strong Improvement in NIM and Loan Quality
Narrow-moat China Merchants Bank's, or CMB's, 2018 results were in line with its preliminary announcement, with net profits increasing 14.8% from 2017. We retain our CNY 28 fair value estimate for A-shares and HKD 32 for H-shares. The results highlight CMB's deposit advantage remained largely intact and pace of new customer acquisition showed signs of acceleration, fueled by increasing technology adoption. Net interest margin, or NIM, saw strong improvement by 14 basis points, leading to a 11% g...
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