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<Research>Citi: Large and Regional CN Banks' 1Q Results Beat; NIM Recovery
Among the 21 Chinese banks under Citi's coverage, average PPOP growth accelerated to 9.5% YoY in 1Q26, compared with 2.6% in 4Q25. The improvement was mainly driven by resilien...
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<Research>Citi: Large and Regional CN Banks' 1Q Results Beat; NIM Recovery
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Among the 21 Chinese banks under Citi's coverage, average PPOP growth accelerated to 9.5% YoY in 1Q26, compared with 2.6% in 4Q25. The improvement was mainly driven by resilient loan growth, NIM recovery, as well as solid trading gains and fee income. However, performance diverged across banks, with large banks and regional banks outperforming joint-stock banks.

During the period, BANK OF BJ (601169.SH)  -0.020 (-0.391%)   posted the strongest PPOP growth in the sector at 24% YoY, while CEB BANK (06818.HK)  -0.010 (-0.330%)    Short selling $2.88M; Ratio 15.668%   was the weakest with a 1.8% YoY decline. CHANGSHU BANK (601128.SH)  -0.050 (-0.698%)   recorded the fastest earnings growth at 11% YoY, whereas MINSHENG BANK (600016.SH)  -0.010 (-0.283%)   saw earnings fall 9.6% YoY, ranking at the bottom.

Related News HSBC Research Lowers Rate Cut Expectations Within Year; CN Banks' Net Interest Income Seen Expanding; Prefers ICBC, CCB and BANK OF CHINA H Shrs
CCB (00939.HK)  +0.080 (+0.921%)    Short selling $622.55M; Ratio 36.255%   , ICBC (01398.HK)  +0.050 (+0.735%)    Short selling $276.62M; Ratio 22.958%   , ABC (01288.HK)  +0.040 (+0.680%)    Short selling $199.46M; Ratio 46.926%   and PING AN BANK (000001.SZ)  -0.020 (-0.187%)   delivered results above expectations; while CM BANK (03968.HK)  +0.120 (+0.260%)    Short selling $138.58M; Ratio 24.611%   , INDUSTRIAL BANK (601166.SH)  +0.090 (+0.518%)   , PU DEV BANK (600000.SH)  +0.100 (+1.129%)   , MINSHENG BANK and CEB BANK missed expectations.

The broker's top picks were BANK OF CHINA (03988.HK)  +0.030 (+0.577%)    Short selling $324.09M; Ratio 31.251%   H shares and PING AN BANK. The TP for the former was raised to HKD6.58 from HKD5.92, and the TP for the latter was lifted to RMB15.38 from RMB14.98. Both were rated Buy. For details, please refer to the separate table.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 16:25.) (A Shares quote is delayed for at least 15 mins.)

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