德意志银行-xx银行业-资本金变得更加重要-2017.5.2-29页.pdfVIP

Deutsche Bank Markets Research Asia Industry Date China Chinese banks 2 May 2017 Banking / Finance Banks Forecast Change Hans Fan, CFA Jacky Zuo Funding matters more Research Analyst Research Associate (+852 ) 2203 6353 (+852 ) 2203 6255 hans.fan@ jacky.zuo@ 1Q17 results wrap-up – funding strength is the key differentiator Stephen Andrews, CFA Chinese banks reported 1Q17 net profit up 2.7% yoy. This was driven by PPOP Research Analyst growth of 5% yoy, offset by higher credit costs to top up provision coverage. (+852 ) - 2203 6191 Most notably, funding strength has become the key differentiator amid stephen-a.andrews@ escalating financial deleveraging. Retail banks (i.e. the big-four and CMB), which are mainly deposit-funded, delivered stronger-than-expected results with Key Changes resilient funding cost and NIM and topped-up provision coverage. In contrast, the other, smaller banks are mostly wholesale-funded and suffered a notable Company Target Price Rating NIM squeeze. As a result, we adjust earnings and TPs upwards for the big-fo