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1、DeutscheBankMarketsResearchAsiaIndustryDateChinaChinesebanks31August2017Banking/FinanceBanksResultsHansFan,CFAJackyZuoQualityresultsfromqualitybanksResearchAnalystResearchAnalyst(+852)22036353(+852)22036255hans.fan@db.comjacky.zuo@db.comStronger-than-expectedresultsforBig4;toppic
2、ks:ICBCandBOCEdwardDuTheBig4Chinesebanksreported2Q17netprofitup7.5%yoy(1Q17:2%),5%ResearchAssociateaheadofourestimates.WhilePPoP(adjustedforBOC'sdisposalgainsin(+852)220361852Q16)missedouralreadybullishestimatesby3%duetoweakernon-interestedward.du@db.comincome,themarketshouldreac
3、tpositivelytothestronger-than-expectedNIM(up4bpsqoqor2bpsyoy)andlowerNPLformationrateof58bps.ThequalityStephenAndrews,CFAdifferencebetweenBig4andotherbankshasfurtherwidened,withthelatterResearchAnalystshowingweakfundingstrength,inferiorassetqualityandslowerassetgrowth.(+852)-2203
4、6191OurtoppicksremainICBCandBOC,asamongtheBig4,webelievetheystephen-a.andrews@db.comdeliveredrelativelystrongerresultsthantheothertwo(Figure6).BetterNIMforbigbanksgivenstrongdepositfranchise&highermarketratesToppicksFundingstrengthcontinuestobethekeydifferentiator.Givenastrongdep
5、ositICBC(1398.HK),HKD6.02Buyfranchise,thebigbankswereabletoupliftthedemanddepositportion(up2pptyoyto52%)andrecordstablefundingcosts.BigbanksalsobenefitedBankofChina(3988.HK),HKD4.13Buyfromhighermarketratesonbeingthenetinterbanklenders.Asaresult,theirSource:DeutscheBankNIMcameinbe
6、tterthanexpected,up4bpsqoq.BOCdeliveredthestrongestCompaniesFeaturedNIMexpansion,up8bpsqoq,reflectingrisingoverseasNIM.OntheotherICBC(1398.HK),HKD6.02Buyhand,otherbanksareheavilyreliantonwholesalefunding,whichmadeupChinaConstructionBankBuy32%ofliabilities(Fig9).Assuch,thehigherma
7、rketrateshavepusheduptheir(0939.HK),HKD7.02fundingcosts,resultingincontinuedNIMcompression(Figure13).Agri.BankofChina(1288.HK),HKD3.73BuyLessNPLformationforbigbanksbutpressurepersistsforotherbanksBankofChina(3988.HK),HKD4.13BuyWeestimatethattheBig4banksrecordedalowerNPLformationr
8、ateofChinaMerchantsBankHold58bpsin2Q17vs
