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PSBC Falls 3.8% at Midday; Citi: 1Q Earnings Growth Lags Peers
Recommend 6 Positive 5 Negative 3 |
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PSBC (01658.HK) concluded the midday (30th) at HKD5.04, down 3.82%, with a volume of 54.55 million shares, involving HKD278 million. Citi said in its research report that elevated credit costs dragged PSBC's earnings growth to the slowest among the six major banks, even though the bank recorded strong growth in pre-provision operating profit. Given ongoing asset quality pressure and its provision-to-total loans ratio having fallen to a trough of 2.2%, PSBC's future earnings growth is expected to remain under pressure, with limited room to release excess provisions. Citi has kept a Buy rating on PSBC, with a target price of HKD6.42. Auto-translated by AI AASTOCKS Financial News |
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