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<Research> Citi: CM BANK (03968.HK) 1Q26 Results Disappoint; Net Profit Growth May Lag Six Major State-owned Banks
Citi said in a report that CM BANK (03968.HK)'s 1Q26 results disappointed, affected by weak loan growth, NIM pressure and subdued trading income. The bank expects the market to rea...
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<Research> Citi: CM BANK (03968.HK) 1Q26 Results Disappoint; Net Profit Growth May Lag Six Major State-owned Banks
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Citi said in a report that CM BANK (03968.HK)  -0.540 (-1.137%)    Short selling $189.19M; Ratio 32.495%   's 1Q26 results disappointed, affected by weak loan growth, NIM pressure and subdued trading income. The bank expects the market to react negatively to CM BANK's weaker-than-expected 1Q26 net profit growth of only 1.5% YoY, with growth potentially lagging the six major state-owned banks.

Retail asset quality continued to deteriorate in 1Q26. Retail loans fell 1% QoQ and rose only 0.7% YoY, reflecting ongoing household deleveraging. The retail non-performing loan ratio increased 6 bps QoQ to 1.14%. Among them, the non-performing loan ratios for credit cards, consumer loans and mortgages rose 16 bps, 15 bps and 7 bps QoQ, respectively.

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Citi noted that although household assets accelerated their shift into the A-share market in 1Q26, the positive impact on CM BANK's fee income appeared weaker than expected, indicating weaker monetization capability. This may be due to fee rate cuts and a shift in product mix toward lower-fee products. The broker maintained its Buy rating on CM BANK's H-shares with a TP of HKD59.06. (fc/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-15 16:25.)

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