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G Sachs Expects CCB to Face Continued Pressure on NIM Next Yr w/ Asset Quality Remaining Stable
2025-11-14 17:24:36
Goldman Sachs quoted CCB (00939.HK) in its research report as saying that the bank's NIM will remain under downside pressure through 2026, mainly due to loan repricing. However, as loan pricing stabilizes and cost-saving benefits from deposits begin to show, the pace of decline is expected to narrow.

CCB anticipates that fee income will grow steadily in 2026 on the back of consumption stimulus policies. At the same time, it plans to offset the impact of lower mutual fund fee income by boosting sales volume. Asset quality is also expected to remain stable, though the non-performing loan ratio in the retail segment shows an upward trend, with any improvement depending on the broader macroeconomic environment.

Goldman Sachs kept a Buy rating on CCB, with a target price of HKD8.39.
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