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<Research>UBS: ICBC (01398.HK) 3Q Rev./ NP Beat, Benefiting from Strong Non-interest Income
ICBC (01398.HK)'s 3Q24 net profit rose 3.8% YoY, much ahead of UBS' forecast, UBS released a research report saying.UBS believed that ICBC's strong 3Q24 results reverse...
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<Research>UBS: ICBC (01398.HK) 3Q Rev./ NP Beat, Benefiting from Strong Non-interest Income
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ICBC (01398.HK)  +0.090 (+1.931%)    Short selling $289.14M; Ratio 18.799%   's 3Q24 net profit rose 3.8% YoY, much ahead of UBS' forecast, UBS released a research report saying.

UBS believed that ICBC's strong 3Q24 results reversed its earlier downtrend and drove flat net profit after tax (NPAT) growth in 9M24. Furthermore, 3Q24 earnings growth was driven by strong net trading and investment gains, as well as foreign exchange gains.

Related NewsJPM: ICBC (01398.HK) 3Q Results Slightly Beat
UBS forecasted ICBC's credit costs to be 39 bps in 3Q24, down 1 bp YoY, with positive market reaction to the results. Therefore, the broker kept its target price at $4.8, with rating kept at Neutral.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-11-01 16:25.)

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