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| Symbol(s): |
3328.HK |
| Date: |
30-Oct-09 |
| Author: |
Lee Alexander |
| Contributor: |
CIMB_GK Research Pte Ltd. |
| Title: |
Bank of Communications-Lacking excitement |
| Document Size: |
5 pages |
| Price: |
$10 |
| Document Type: |
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| Maintain NEUTRAL after satisfactory results. Bank of Communications’ (BoCom) 3Q09 results were within our expectations and market estimates. 3Q09 net profit edged up 1.5% to Rmb7.32bn, bringing the bank’s 9M09 net profit to 78.5% of our full-year forecast. Most items were in line. NIM rebounded slightly to drive a 14.4% qoq increase in NII. Loan provisions remained high in 3Q due to previous underprovisioning. Non-interest income came in slightly above estimate as a result of strong fund sale...
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