j. p. 摩根-中国银行业2017上半年回顾：资产质量持续改善-20170831-jpmorgan-china banks 1h17 results review asset quality improvement continues

《j. p. 摩根-中国银行业2017上半年回顾：资产质量持续改善-20170831-jpmorgan-china banks 1h17 results review asset quality improvement continues》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Completed31Aug201706:12AMHKTDisseminated31Aug201706:24AMHKTAsiaPacificEquityResearch31August2017Chinabanks1H17resultsreview:assetqualityimprovementcontinues[exA-shares]Chinabanksreported1H17profitgrowthof~5%YoY(vs1%yoyin2H16)inaBanks&FinancialServices

2、strongsetofresults.a)NIMrecoveredsequentiallyforbigbanksandcontractionACKatherineLeistabilizedforsmallbanks.b)OPEXdeclined,thoughthisisunlikelytocontinue.(852)2800-8552c)Assetqualityimprovementcontinued,reducingcreditcosts.Somebanksraisedkatherine.lei

3、@jpmorgan.comprovisionsasrevenuegrowthrecovers.CMB,BOC,andICBCbeatexpectations,BloombergJPMALEIwhileMinshengandCRCBdisappointed.Weexpectpre-provisionalgrowthtoStephenTsui,CFAstabilize.NIMsshouldbestablebarringpolicyratehikes,feeincomegrowthmay(852

4、)2800-8592recoverasnegativeimpactsfromregulatorytighteningfactoredin,butpositivestephen.tsui@jpmorgan.comimpactswerepartlyoffsetbyreboundingOPEX.Creditcostisakeyswingfactor.GeorgeCai(852)2800-8557AfewkeyP&Ltrends:PPoPgrowthreboundedto+2%1H17(vs-2%201

5、6),george.cai@jpmorgan.comNIMcontraction(-8bpsHoH&-15bpsYoY)andslowdowninfeegrowth(-4%AnuragRajat,CFAyoy)wasoffsetbyassetgrowth(IEA+11%yoyand6%HoH)anddeclining(852)2800-8511OPEX(-4%yoy).Creditcostscontracted26bpsyoyand20bpsHoH,leadingtoanurag.rajat@jp

6、morgan.comreboundingprofitsgrowthof5%yoy(Figures1-6).J.P.MorganSecurities(AsiaPacific)LimitedImprovingassetquality:NPLratio-6bpsHoH(vs+3bps2H16).Leadingindicatorsofassetquality,suchasspecial-mentionloan(SML)ratioandnewly-overdueloanratiodeclinedby17b

7、psand3bpsrespectivelyHoHin1H17,acceleratingfromthetrendin2H16(Table4,Figure13).WecalculatetheNPLformationratiofellby18bpsHoHin1H17(vs+1bpsHoH2H16).Banks’creditcostsfellby20bpsHoHto1.05%.However,given1H17GDPsurprisedattheupside,improvingassetqualityisw

8、ithinexpectation.Someprogressonfinancialde-leveraging,butfarfromover:a)Wholesalefundingasapercentageofliabilitiesfellby109bpsHoHto10%forBig4,and286bpsHoHto23%forotherbanks.b)ModeratereductioninNSAsandoff-balancesheetWMPsbymostbanks(Tables9-10