农银国际证券：工商银行（601398）-Earnings outlook to mildly improve

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2023-12-01

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农银国际证券：工商银行（601398）-Earnings outlook to mildly improve.pdf

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工商银行(601398)ToplinegrowthtograduallyrecoverinFY24E.Despitetheweaktoplinemomentumin9M23,ourbasecasesuggestsICBC’stoplinegrowthtoturnpositivestartingfromFY24E.Withinterestrateadjustmentinresidentialmortgagecompletedin4Q23,webelieveNIMpressurewilllessenfromFY24E,partlyalsosupportedbyICBC’ssolidbalancesheetgrowthasaresultofbackinguprealeconomy.ForFY23E,NIMwouldbedown32bpsYoY;butthereductionwouldbemuchsmallerat9bpsand7bpsYoYforFY24EandFY25E;overall,weexpectNIMtobe1.44%-1.60%overFY23E-25E.Thiswouldsup

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