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UBS: CCB (00939.HK) 1Q26 Net Profit Beats Expectations, Rated Buy
Recommend 18 Positive 33 Negative 11 |
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UBS published a report stating that CCB (00939.HK) recorded net profit after tax of RMB86.3 billion in 1Q26, up 3.5% YoY, beating the brokers expectations. Revenue increased 11% YoY, also exceeding expectations. The revenue growth was mainly driven by an 8.1% YoY increase in net interest income; a 6.7% YoY rise in fee and commission income; and a 96% surge in other non-interest income. The report noted that CCBs operating expenses in 1Q26 rose only 3.5% YoY, leading to a 13.3% YoY increase in pre-provision profit, the best performance among the Big Four banks. Impairment losses rose 28.1% YoY, resulting in a 3.5% YoY growth in net profit after tax. Notably, the effective tax rate in 1Q26 increased by 2 ppts YoY. The broker maintained a Buy rating with a TP of HKD10.2. (ha/j) 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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