CLSA: CM BANK 1Q26 Results Mixed; Wealth Mgmt Income and NIM Beat
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CLSA's report on CM BANKindicates mixed results for 1Q26. While wealth management income and net interest margin exceeded expectations, fee income and capital performance were weak. Operating income rose 3.5% YoY, with net profit growing 1.5%, slightly below forecasts. The number of high-tier customers increased, suggesting potential for future fee income, despite a 12% YoY drop in credit card fee income. Retail loan demand remains weak, but total loans grew 2.8% QoQ, supporting a full-year loan growth target of 6% to 7%.
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