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JPM Sees Mild Improvement in 1Q Rev. & Profit Growth for CN Banks
2026-04-23 15:03:53
China's banking sector will gradually announce its 1Q26 results over the coming week, with revenue and profit growth expected to show moderate improvement, JPMorgan released a research report saying.

Among Chinese state-owned banks, the broker expected ABC (01288.HK) and BANKCOMM (03328.HK) to demonstrate stronger profit growth momentum, leading peers. In contrast, PSBC (01658.HK) may lag due to higher credit costs.

Among joint-stock banks, JPMorgan stated that PING AN BANK (000001.SZ) is estimated to achieve a YoY turnaround to positive revenue and profit growth in 1Q26. Meanwhile, although MINSHENG BANK (01988.HK) has shown signs of revenue rebound, its profit growth is projected to continue contracting.

INDUSTRIAL BANK (601166.SH) may deliver unsatisfactory revenue performance, but its profit growth will remain stable, while CEB BANK (06818.HK) could underperform peers overall.

When selecting stocks in the joint-stock bank segment, the broker kept CMB (600036.SH)'s A-shares as its sector top pick, primarily due to its stable financial growth trend and attractive dividend yield.
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