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2026-11-02 15:24:01 UBS published a research report stating that BANKCOMM (03328.HK)'s 3Q net profit growth accelerated to 10.1% YoY, higher than the 8.6% average of the six major banks. Results were supported by stronger core revenue and stringent cost controls. The broker noted that 3Q net interest income rose 10.8% YoY, 1 ppt faster than the peer average; net fee and commission income fell 6% YoY, a smaller decline than the peer average of 7.5%; other non-interest income increased 18.1% YoY, mainly driven by a 60.1% rise in net trading gains, including gains related to CXMT. Operating expenses fell 3.7% YoY, though impairment provisions rose 22.7% YoY, partly offsetting the strong growth in pre-provision operating profit. The broker estimated credit costs rose 8 bps YoY to 55 bps, the highest among the six major banks, and remained the key constraint on future earnings growth. The broker estimated that 3Q NIM improved by 1 bp QoQ and 7 bps YoY to 1.25%; reported NIM for the first nine months was 1.24%, up 4 bps YoY, but still the lowest among the six major banks. The non-performing loan ratio fell 1 bp QoQ to 1.29%; the provision coverage ratio declined from 210% in 3Q25 to 200.1% in 3Q26; the core tier-1 capital adequacy ratio rose 10 bps QoQ to 11.35%, but remained below the 12% average of the six major banks. The broker expected a slightly positive market reaction to the results, maintained a Buy rating and a TP of HKD10.25.(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. | |