UBS: CCB 1Q26 Net Profit Beats Expectations, Rated Buy
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UBS reported that CCBachieved a net profit after tax of RMB86.3 billion in 1Q26, a 3.5% YoY increase, surpassing expectations. Revenue rose 11% YoY, driven by an 8.1% increase in net interest income and a 96% surge in other non-interest income. Operating expenses grew only 3.5% YoY, leading to a 13.3% increase in pre-provision profit, the best among the Big Four banks. UBS maintains a Buy rating with a target price of HKD10.2.
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