Share prices of some Chinese banks fell after the announcement of their results.
April is the month for A-share listed companies to announce their earnings reports. Some Chinese banks’ share prices moved lower on Friday after announcing their first quarter results on Thursday.
On Thursday evening (April 29), Pudong Development Bank (PBoC) released its earnings report showing that it achieved operating revenue of RMB49.522 billion (group caliber) and net profit attributable to shareholders of the parent company of RMB18.7 billion after tax in the first quarter of 2021, up 7.70% year-on-year.
The Wall Street Journal reported on April 30 that while PBoC’s first-quarter net profit rose 7.7 percent to RMB 18.7 billion, operating profit fell 11 percent year-on-year to RMB 49.52 billion ($7.65 billion).
On Friday, Pudong Development Bank A shares fell 5.0 percent to CNY10.01, the biggest intraday percentage drop for the stock since July last year, according to FactSet.
China Postal Savings Bank (UPB) A shares fell 6.8% at one point during the session after the bank reported a 5.5% increase in first-quarter net profit.
Citi (Citi) said in a report that the increase was similar to its 5.4% year-over-year increase in fiscal 2020 profit, but less than the market’s average expectations, making it difficult to provide support for the stock’s valuation premium.
In addition, China Construction Bank A shares fell 2.45 percent after the bank reported a 13 basis point year-over-year decline in first-quarter net interest margin to 2.13 percent, while CITIC Bank A shares fell 1.7 percent.
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