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<Research>M Stanley: BANKCOMM 1Q24 Earnings Stable, Benefitting From NIM Rebound & Stable Asset Quality
Recommend 7 Positive 5 Negative 5 |
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Morgan Stanley wrote in a report that BANKCOMM (03328.HK) logged flat revenues YoY in 1Q24. Net interest margin (NIM) rebounded during the quarter, but fee income fell as expense ratios declined. Asset quality improved after 3 years of risk absorption, with net profit after tax up 1.4% YoY and credit costs down. The broker gave BANKCOMM H-shares a target price of $3.7 and an Underweight rating. According to the report, BANKCOMM's NIM rebounded 5 bps QoQ to 1.27%, while fee income fell 6.4% YoY due to a drop in bancassurance fees and tracking commissions on equity funds. The non-performing loan ratio fell 1 bp from the previous quarter to 1.32%, despite a pick-up in retail lending. AAStocks Financial News |
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