BofAS Expects MINSHENG BANK to Face Provision Pressure, Maintains Underperform
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BofAS has maintained an Underperform rating for MINSHENG BANKdue to expected provision pressure. The bank reported a 6.4% YoY increase in pre-provision profit for Q1, but net profit fell 9.6% YoY, largely due to a 26% YoY rise in provision expenses. Management anticipates moderate growth in total provisions this year, with Q1 provisions expected to exceed 20% of the full-year total by 2025. The CET1 ratio declined to 9.35%, and ROE fell to 8.1%. The H-share target price is set at HKD3.6.
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