德银-xx-银行业-又一个大银行基本面改善的季度-20171101.pdfVIP

Deutsche Bank Markets Research Asia Industry Date China Chinese Banks 1 November 2017 Banking / Finance Banks Results Hans Fan, CFA Jacky Zuo Another quarter of fundamental Research Analyst Research Analyst (+852 ) 2203 6353 (+852 ) 2203 6255 improvement for big banks hans.fan@ jacky.zuo@ Big banks PPOP in line, with NIM expansion and stable asset quality Edward Du The big 4 Chinese banks reported 3Q17 PPoP up 9% yoy (2Q17: 8%), in line Research Associate with our forecasts: a solid set of results, as evidenced by continued NIM (+852 ) 2203 6185 expansion (up 5bps qoq), stable NPL formation and stronger provision edward.du@ coverage. The quality difference between the big 4 and other banks has widened further, the latter showing weak funding strength and inferior asset Top picks quality. Among the big banks, CCB and ABC delivered relatively stronger results. We see BOCs numbers as solid, with less NPL formation and the Bank of China (3988.HK),HKD3.89 Buy strongest NII growth, which didnt warrant the share price correctio