Industrial And Commercial Bank Of China Ltd Class A

601398: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥8.10	Rjjvpxq	Qvxcyjrnw

SOE Banks’ Q3 Reported Wider NIM Contraction; Fee Income Growth Remained Anemic

Iris Tan

Nov 1, 2022

The largest five SOE banks: Industrial and Commercial Bank of China, or ICBC; China Construction Bank, or CCB; Agricultural Bank of China, or ABC; Bank of China, or BOC; and Bank of Communications, or Bocom; released third-quarter results end of October. The mixed results reflected mounting challenges to top line growth given the dim consumer outlook, heightened capital market volatilities, and exchange losses related to banks’ overseas assets. We expect headwinds to continue in the first half of 2023.

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