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UBS: CM BANK (03968.HK) 1Q26 Revenue and PPOP Largely In Line; Rated Neutral
Recommend 6 Positive 9 Negative 4 |
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UBS Research said CM BANK (03968.HK) reported 1Q26 net profit growth of 1.5% YoY, slightly below the brokers expectations, while revenue and pre-provision operating profit (PPOP) were largely in line with its forecasts. During the period, revenue rose 4% YoY, mainly driven by a 5% YoY increase in net interest income and a 4.9% YoY rise in net fee income. Other non-interest income fell 2.9% YoY, reflecting lower bond yields supporting higher mark-to-market (MTM) gains, partly offset by a decline in investment income, in line with overall industry trends. In terms of NIM, it narrowed by 3 bps QoQ and by 8 bps YoY to 1.83% in 1Q26. The QoQ contraction was mainly due to faster loan yield compression amid repricing. The broker currently assigns a Neutral rating with a TP of HKD56. (ss/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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