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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.
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.
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.
China Minsheng Banking Issues 30 Billion Yuan Capital Bonds
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.
Minsheng Bank has completed the issuance of 30 billion yuan of non-fixed term capital bonds.
Minsheng Bank (01988) announced that the bank has successfully issued the "China Minsheng Bank Co., Ltd. 2024 Perpetual Capital Bonds (First Tranche)" in the National Interbank Bond Market, and registered and deposited the bonds at China Central Depository & Clearing Co. This bonds series was bookbuilding on August 15, 2024, and was issued on August 19, 2024. The issue size was RMB 30 billion, and the bond adopts a phased adjustment of the face interest rate, with a face interest rate adjustment period every 5 years. The face interest rate is 2.35% for the first 5 years, and for each interest payment after the 5th year.
Express News | China Minsheng Banking - Successful Issuance of Undated Capital Bonds of RMB30 Bln
Express News | China Minsheng Banking Says It Issued 30 Bln Yuan of Bonds
China Minsheng Bank Schedules Key Financial Meeting
Minsheng Bank (01988.HK) is planning to hold a board of directors meeting on August 29th to approve its mid-term performance.
Minsheng Bank (01988.HK) announced that the Board of Directors has scheduled a board meeting on Thursday, August 29, 2024 to review and approve the interim performance report of the bank and its subsidiaries for the six months ending June 30, 2024, and to consider distributing interim dividends (if any).
MINSHENG BANK: DATE OF BOARD MEETING
Banks' giants have reached a new high in history! In recent days, northbound funds have been significantly buying up, and the active capital trend has been reviewed. These directions are also receiving hot money for increased positions.
Recently, bank stocks have shown strong performance, especially large-cap giants, with frequent stock price activity. Among them, Industrial and Commercial Bank of China, Construction Bank of China, and Bank of China hit a historic high today. Northbound funds have recently focused on adding holdings in the banking sector, with nearly 90% of bank stocks receiving shareholding in the past five days, and eight individual stocks having a net purchase amount greater than 0.1 billion yuan. In addition to the banking sector, Northbound funds have recently also focused on adding holdings in the electrical utilities, insurance, and securities sectors, while margin financing funds have favored the consumer electronics and chemical pharmaceuticals sectors in recent days.
Banks are intensively launching deposit benefits campaigns, and the effort to attract deposits is increasing. Can the idea of "high interest to attract deposits" be continued?
- With the further reduction of deposit interest rates and the emergence of deposit migration phenomenon, many banks have launched a series of deposit-related welfare activities to attract and stabilize deposits. - Experts believe that attracting deposits with welfare and gifts still has the suspicion of "high-interest deposits", which will inevitably increase the liabilities cost of some banks. Therefore, banks need to closely follow the pain points of customer preferences to improve the quality of financial services.
Market Chatter: Chinese Central Bank May Reduce Rates, Cut Reserve Requirement Ratios in H2
Zhongtai Securities: Why were bank stocks the top gainer in Q2?
The marginal inflow of various funds and the rare outflow of institutional funds have driven banks to rank first in terms of rising stocks.
Express News | Huabao International - Subscribed for Financial Products by Bank of Jiangsu and China Minsheng Bank of RMB712 Mln and RMB440 Mln
Banks stocks generally decline, CM Bank (03968) falls 4.35%, Guolian Securities points out that there may be increased pressure on bank interest spreads.
Bank stocks fell across the board, with CM Bank (03968) down 4.35%, CEB Bank (06818) down 2.89%, Minsheng Bank (01988) down 2.87%, and Bank of Communications (03328) and China Citic Bank Corporation (00998) following suit. On the news front, ICBC and ABC will adjust RMB deposit rates from July 25, with the largest reduction in the interest rate for fixed deposit of more than two years, which is 20 basis points. As of the time of publication, the official websites of BOC and CCB have not yet made adjustments, but they are expected to do so soon. According to the information on the ICBC website, the latest policy will be implemented from July 25.
Tech Firm IFlyTek Issues 200 Million Yuan Ultra-Short-Term Bonds
The central parity rate of Renminbi is reported as 7.1358, down 24 points.
On July 24th, the central parity rate of RMB was reported as 7.1358, down 24 points from the previous trading day of 7.1334. Looking to the future, the exchange rate of RMB in the second half of the year is expected to be relatively stable with sufficient support at a reasonable and balanced level. According to Wen Bin, the chief economist of Minsheng Bank, China's good economic fundamentals, coupled with relatively abundant exchange rate management tools, will be sufficient to ensure the exchange rate of RMB in the second half of the year remains basically stable at a reasonable and balanced level. It is expected that the USD-RMB exchange rate will fluctuate bidirectionally within the range of 7.1 to 7.3 most of the time, and the pressure for RMB depreciation will significantly decrease after the Fed's interest rate cut landing. "In the second half of the year, RMB"
Citic Sec: Banks sector is expected to continue to recover positions, recommending two main lines.
As of Q2 2024, banks accounted for 2.45% of the heavyweight stocks held by active funds, up 0.21pct from Q1 2024.
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