j.p. 摩根-xx-银行业-xx银行业3季度评论：拨备前营业利润正在复苏-20171101.pdf

Completed 01 Nov 2017 04:29 AM HKT Disseminated 01 Nov 2017 04:30 AM HKT Asia Pacific Equity Research 01 November 2017 Corrected Note (See page 27 for details) China banks 3Q17 results review: On the way to PPoP recovery [ex A-shrs] China banks reported 3Q17 net profit growth of 5% y/y. Pre-provisional profit (PPoP) Banks growth accelerated from flat y/y in 2Q17 to 7% y/y in 3Q17. However, some banks AC disappointed (CMB and BOC). We noted some profit-taking on the sector. In our view, the Katherine Lei market reaction to CMB’s NIM and deposit contraction is overdone. On BOC, the asset (852) 2800-8552 quality trend is worth monitoring, but the investment case on a recovery of overseas katherine.lei@ profitability remains intact. And tuning out the noise, general trends are positive: positive Bloomberg JPMA LEI GO net interest income growth, fee recovery, receding credit risks and rising provision levels. Stephen Tsui, CFA We remain constructive on the sector. We continue to prefer banks with solid deposit (852) 280