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<Research>JPM Expects CN Banks to Earn 2% More in 4Q24, PPOP to Hike by 10% YoY
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PING AN BANK (000001.SZ) will announce its results after the market closes today, kicking off earnings season for Chinese banks, JPMorgan released a research report saying. Net interest margin narrowed by 2 bps QoQ in 4Q24 (compared to -3 bps QoQ in 3Q24), according to industry data released by China's National Administration of Financial Regulation (NAFR) for 4Q24. The broker expected state-owned joint-stock banks to post a 2% YoY increase in 4Q24 net profit, and Chinese banks' PPOP to hike by 10% YoY in 4Q24, compared to a 1% YoY decrease in PPOP in 3Q24, benefiting from a recovery in revenue growth. In particular, net interest income growth is expected to be flat (compared to down 4% YoY in 3Q24), with moderate incline in fees and robust growth in investment income. Investors will be concerned about the net interest margin guidance for 2025, fee income, especially wealth-related fees, consumer and SME credit demand, credit risk from overcapacity industries and Chinese banks' commitment to dividend payment, the broker added. AAStocks Financial News |
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