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Citic & Haitong Securities: New Issues, 3Q Results

Worth Watching: 10 Dec 2018, 5:22 AM ET - Citic & Haitong Securities  are being hurt by the weakness in equity markets in China though they have remained profitable.  Both reported lower net profits for the first 9 months of 2018 though CiticS fared better with an 8% drop vs -42% for Ha ..

Singapore Banks: Stable 3Q18, Moody's T2 Upgrade

Sector Analysis: 04 Dec 2018, 3:58 AM ET - Post 3Q18, we think the Singapore banks still pervades stability & steadiness.  Somewhat related to our view, Moody's affirmed the ratings & assessment of the banks, & upgraded its sub Tier-2 PONV securities to A2(hyb) from A3(hyb).

CIMB: 3Q18 - Better Balance Sheet Metrics

Earnings Note: 03 Dec 2018, 2:48 AM ET - CIMB posted a 3Q18 NP of MYR1.18 bn, down 40.4% QoQ due to the previous quarter that had a sizeable disposal gain. Excluding the gains, we think the group would have had a flat QoQ performance with profit driven by non interest incom

Maybank: 3Q18 Affected By Insurance Loss

Earnings Note: 30 Nov 2018, 4:09 AM ET - Maybank posted a 3Q18 net profit of MYR 1.957 mn, flat QoQ and down 3.5% YoY.  Insurance posted a loss, while bank operations fared better behind non interest income & controlled expenses.  Lower provisions offset the insurance loss.  

Hong Leong Bank: 1Q19 - In Sound Standing

Earnings Note: 28 Nov 2018, 10:31 PM ET - Hong Leong Bank's 1Q19 net profit was driven by non interest income.  Net interest income was subdued, opex was higher, & provisions rose (though low). The bank remains sound with adequate capital, superior asset quality, & best liquidity.

UK Banks Clear Brexit Stress Test Hurdles

Sector Analysis: 28 Nov 2018, 4:06 PM ET - The market should welcome the Bank of England stress test results that show the major UK banks weathering the Brexit storm, with no need for any of them to strengthen capital.

RHB Bank: 3Q18 - Trading & Investment Income Led

Earnings Note: 28 Nov 2018, 2:42 AM ET - RHB Bank posted a 3Q18 net profit of MYR579 mn, up 1.5% QoQ and 18.7% YoY, on the back of stronger non interest income driven by trading & investment income.  Capital adequacy ratios remains solid, NPLs ticked up, and liquidity improved. 

Chinese Banks: Better 3Q18, Building Reserves

Earnings Note: 27 Nov 2018, 11:58 PM ET - We provide a round-up of the 3Q 2018 results of China's Big Six and the Joint Stock Commercial Banks. 

Australian Banks: APRA Sets Leverage Ratio at 3.5%

Worth Watching: 27 Nov 2018, 12:01 AM ET - Australian Banks are currently in the final phases of implementing changes to the capital adequacy regime that were deemed necessary by global regulators and by APRA in the wake of the Global Financial Crisis. The latest development (see here) ..

AMMB: A Flat Quarter Means Little Change

Earnings Note: 23 Nov 2018, 2:22 AM ET - AMMB Holdings reported a 2Q19 net profit of MYR348 mn – flat QoQ & 5.0% YoY higher.  The flat quarterly performance reflects its operating income and expenses, with provisions remaining very low.  Yet returns remain subdued.

Indian Banks: A Focus on Public Sector Banks

Sector Analysis: 22 Nov 2018, 9:20 AM ET - We summarize the recently concluded 2Q19 reporting season of the Indian Public Sector Banks (PSB) under our coverage & highlight the their latest operating performance and trends. The sector posted another net loss in the quarter.  

Japanese Banks 1HFYE 2019: Running Down Reserves

Earnings Note: 14 Nov 2018, 9:25 PM ET - Japan's megabanks post improved net profits for 1HFY18 but these were again reliant on increased net gains on selling equity investments and benign asset quality.  

Indian Banks: A Focus On Private Banks

Sector Analysis: 12 Nov 2018, 11:52 PM ET - We focus on the four private Indian banks under coverage (Axis Bank, HDFC Bank, ICICI, & Yes Bank) post 2Q19, and highlight their latest operating performance and trends as well as offer potential points of differentiation.

Asia Relative Value / Fin Movers: November 2018

Asia Relative Value / Fin Movers: 12 Nov 2018, 10:22 PM ET - We provide an update and brief commentary on spread movements and relatively value changes for Asia-Pacific bank senior debt and capital instruments. 

SBI: Symbolic In Nature

Earnings Note: 07 Nov 2018, 10:20 AM ET - SBI's token net profit of INR770 mn in 2Q19 was symbolic in nature in simply arresting its string of quarterly losses. Pre provision profit was driven by trading gains & lower expenses, while provisions did fall though elevate

UOB 3Q18 Weaker Trading and Fee Income

Earnings Note: 05 Nov 2018, 4:16 AM ET - UOB reported a 3Q18 net income of S$1.036bn, down 3.8% QoQ though up a slower 17.2% YoY. Operating income was more subdued due to lower non interest income behind weaker trading related income and fees, as well as lower margins. 

OCBC 3Q18 Another Record Quarter

Earnings Note: 05 Nov 2018, 4:15 AM ET - OCBC recorded another record quarter for its net profit, as it made S$1.245bn in 3Q18 from stronger net interest income behind decent volume growth & higher margins. Capital increased, asset quality was benign, & LDR was higher.

ABC: 3Q Net Profit Rises 9%, Reserve Coverage Up

Worth Watching: 01 Nov 2018, 5:38 AM ET - ABC or Agricultural Bank of China (A1/A/A) reported a faster rise in net profits (up 9% YoY) relative to major state owned peers owing to operating income expansion in the mid teens (up 15% YoY), which allowed the bank to build loan loss reserves ..

Thai Banks: 3Q18 Review - Back Where We Started

Sector Analysis: 31 Oct 2018, 11:34 PM ET - The Thai Banks concluded its 3Q18 reporting season.  Overall for 3Q18, we generally saw higher capital adequacy ratios, an uptick in NPLs and provisions, higher margins, subdued loan growth, and weak non interest income behind lower fee

ICBC: 3Q18 Growing Profits, Building Reserves

Worth Watching: 31 Oct 2018, 5:00 AM ET - ICBC  or Industrial and Commercial Bank of China (A1/A/A) reported decent bottom line growth, more or less in line with peers on the back of decent top line expansion. This also allowed it to further add to its loan loss provisions which equated t ..

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