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2026-07-17 11:30:50 JPMorgan released a preview report on China's banking sector results for 2Q26, expecting listed Chinese banks to begin announcing their 2Q26 results in late August. The broker projected revenue of major state-owned banks to grow about 6% YoY in 2Q26, while profit was forecast to rise about 3% YoY, outperforming joint-stock commercial banks, whose revenue and profit were both expected to increase 1% YoY. At the stock level, the broker favored ABC (01288.HK), BANK OF CHINA (03988.HK), ICBC (01398.HK), CCB (00939.HK) and BANKCOMM (03328.HK) ahead of results announcements. The broker added that the five major state-owned banks, namely ABC, BANK OF CHINA, BANKCOMM, CCB and ICBC, were predicted to deliver stronger revenue and profit growth than the industry average, in light of stable NII, stable QoQ NIM and mid- to high-single-digit business volume growth YoY. Among the major state-owned banks, due to the higher base of non-fee income at CCB, ICBC and BANKCOMM, the broker believed ABC and BANK OF CHINA have greater upside in revenue and profit. In contrast, profit growth at CM BANK (03968.HK) and CITIC BANK (00998.HK) in 2Q26 was estimated to remain flat compared with 1Q26. PSBC may see slower profit growth than state-owned peers due to higher credit costs, while weaker earnings growth at MINSHENG BANK (01988.HK), CEB BANK (06818.HK), INDUSTRIAL BANK (601166.SH) and HUAXIA BANK (600015.SH) could disappoint the market. ~ AASTOCKS Financial News Website: www.aastocks.com | |