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2026-11-02 14:56:36 HSBC Global Investment Research published a research report stating that CITIC BANK (00998.HK)'s EPS for the first three quarters rose 3.8% YoY, slightly ahead of the bank's full-year forecast pace, but below the implied growth in the market's 2026 expectations. Book value per share in 3Q rose 1.6% QoQ to RMB13.63. The broker described the results as mixed with a mildly negative bias, and maintained a Buy rating on the bank's H shares and a Hold rating on CNCB (601998.SH) A shares, with a TP of HKD9.4 for the H shares and RMB9.1 for the A shares. The broker noted that pre-provision operating profit (PPOP) growth accelerated to 10.4% YoY in 3Q, benefiting from a 9.2% YoY decline in operating expenses. Revenue for the first three quarters increased 4.2% YoY, while operating expenses fell 2.9%, with the cost-to-income ratio declining 2 ppts YoY to 28.1%. However, fundamental trends softened, with NIM falling 6 bps QoQ, a larger decline than expected, while net interest income dropped 1.6% QoQ. Fee income in 3Q declined 6.4% YoY, loans contracted 0.2% QoQ, and asset quality remained broadly stable, with the non-performing loan ratio steady at 1.15% and the provision coverage ratio at 201.9%. (da/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |