BANK OF CHINA (03988.HK) has seen significant improvement on its asset quality over the first quarter, with NPL ratio dropped by approximately 16 bps, JPMorgan reported.
Domestic deposit of bank likewise grew 7.2% quarter-over-quarter, with the quarterly fee and net commission amount increased by 18% year-over-year, strongest growth among the big 4 banks.
As the bank's management stated that the company's overseas business is beginning to see signs of recovery, JPMorgan maintained BANK OF CHINA's rating of Overweight and lowered the target price to $3.6 from $3.8 based on DDM.
Domestic deposit of bank likewise grew 7.2% quarter-over-quarter, with the quarterly fee and net commission amount increased by 18% year-over-year, strongest growth among the big 4 banks.
As the bank's management stated that the company's overseas business is beginning to see signs of recovery, JPMorgan maintained BANK OF CHINA's rating of Overweight and lowered the target price to $3.6 from $3.8 based on DDM.