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4 Key CN Banks Slip on 1Q Profit Miss; CCB Sags 4%+
Recommend 27 Positive 44 Negative 33 |
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Major Chinese banks announced their first quarter results after the market closed yesterday. Among the four major state-owned banks, only ABC (01288.HK) earned an additional 2.2%. ICBC (01398.HK) and CCB (00939.HK) each earned 4% less, while BANK OF CHINA (03988.HK) earned nearly 3% less. In addition, CM BANK (03968.HK) earned 2% less. ABC last dived 3.52% to $4.66 in the early trading. ICBC fell off 4.38% to $5.24. BANK OF CHINA sagged 2.52% to $4.25. CCB eroded 4.23% to $6.29. CM BANK slipped 5.39% to $42.1. UBS published a report stating that Chinese banks' first-quarter earnings performance came in weaker than expected, and the slowdown in earnings growth momentum reflected continued turnover pressure and limited room to reduce impairment losses amid rising retail non-performing loan ratios and the impact of upcoming tariffs. AAStocks Financial News |
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