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<Research>UBS Expects CN Banks to Maintain Positive NP Growth in 1Q, Likes CITIC BANK/ CCB/ ICBC
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Chinese banks will announce their 1Q25 results in late-April. According to a research report released by UBS, SOE banks are expected to continue their 4Q24 improvement trend in revenue and operating profit before tax in 1Q25, and net profit is expected to remain stable and positive growth (up 1.6% YoY). As a result, 1Q25 is expected to be a steady quarter. BANKCOMM (03328.HK) and MINSHENG BANK (01988.HK) have already reported good preliminary results for 1Q25, UBS added. Moreover, UBS expected ABC (01288.HK) may continue to post higher-tha-peers net profit growth, but the gap is narrowing. PING AN BANK(000001.SZ) is likely to remain the laggard in 1Q25, with revenue and profit slipping sharply. PSBC (01658.HK) is expected to benefit from 2 reductions in deposit agency costs, and may boost its operating profit before tax growth to 6.5% YoY, but net profit growth will not be too good. Furthermore, UBS was bullish on Chinese banks with undemanding valuations and high dividend yields, such as CITIC BANK (00998.HK), CCB (00939.HK), and ICBC (01398.HK), mainly because they have the highest dividend yield of 7.3%/ 7%/ 6.6%, respectively. AAStocks Financial News |
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