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A new round of interest rate cuts for deposits is about to end its first month: small and medium-sized banks continue to follow suit, and some banks have made a second adjustment within the month. Is there still room for further cuts?
① In the context of market interest rate decline, banks are facing continuous pressure to narrow their net interest margin. Some banks have directly lowered deposit interest rates, while others have adjusted them in a phased manner. ② The phenomenon of inverted deposit interest rates is the result of the combined effects of macroeconomic conditions, bank operational strategies, policy guidance, and market expectations.
China mainland banking stocks rose across the board, with China CITIC Bank Corporation (00998) up 1.24%. JP Morgan said that the fundamentals and liquidity factors are in resonance, driving the banking sector to achieve excess returns.
Jingwu finance | China mainland banking rise across the board. As of press time, Harbin Bank (06138) rose 1.85%, Agricultural Bank (01288) rose 1.42%, Bank of Zhengzhou (06196) rose 1.37%, China Citic Bank Corporation (00998) rose 1.24%, Postal Savings Bank of China (01658) rose 0.92%. In terms of news, Lin Yingqi, banking analyst from the research department of China International Capital Corporation, expressed in the latest comment that the bank's excess returns are mainly due to the joint effect of fundamentals and capital: despite pressure in the operating environment, the bank has achieved stable results through cost reduction of liabilities, investment returns, and provision contributions.
What is the reason for the year-on-year decrease in net profit of some private banks? The Financial Regulatory Bureau responded.
Liao Yuanyuan said that the net income growth rate of private banks has experienced negative growth. Mainly because these banks have significantly increased their provisions compared to the same period last year, which directly affects the current profits and leads to a temporary decline in net income of private banks.
Guangzhou Development Issues 1 Billion Yuan Ultra-Short-Term Bonds
Who is buying banks according to Xingye Securities?
The banking sector has performed well this year, as of August 19th, the Shenwan Bank Index has increased by 19.08%, ranking first among all 31 first-tier industries, with returns exceeding second place by 10%. Among them, the stock prices of the five major banks, including ICBC and China Construction Bank, have set new highs.
August LPR quote remaining unchanged meets market expectations. Industry experts predict that the main policy interest rate in the fourth quarter may be cut again, which will guide LPR to adjust accordingly.
Last month, the two LPR quotes for different maturity varieties were just lowered by 10 basis points respectively. In addition, the main policy interest rate of the central bank before this quote (7-day reverse repo rate) remained stable. Therefore, the unchanged LPR quotes for the two maturities in August are in line with market expectations.
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