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<Research>JPM: ICBC Mgmt Positive on NIM
Recommend 19 Positive 41 Negative 9 |
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In a recent report, JP Morgan said that seven Chinese banks held shareholder meetings over the past few days. The minutes of these meetings were subsequently released by CM BANK (03968.HK), ICBC (01398.HK), and MINSHENG BANK (01988.HK). According to the broker, the net read-across to the sector is positive, given steadying NIM and stable asset quality. According to JP Morgan, the most positive takeaway from ICBC's shareholders' meeting was the management's indication that NIM is likely to exceed previous guidance. Additionally, the management told that loan growth will be higher than that of peers. The report also wrote that the revelation from the CMB’s AGM was relatively neutral, as there was no new information or guidance provided. Conversely, the revelation from MINSHENG’s AGM was negative, as management exhibited caution regarding NIM and asset quality is unlikely to improve notably from current levels. AAStocks Financial News |
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