<div id="readability-page-1"><div>JPM issued a report noting that Chinese banks' results for 1Q26 showed improving revenue growth, rising 7% YoY, accelerating from 2% growth in 4Q25. The improvement was mainly driven by a steady recovery in net interest income, while the QoQ rebound in NIM was the key positive surprise. Earnings growth improved at a more moderate pace as banks began rebuilding provision buffers.The report mentioned that performance divergence among banks became evident in the first quarter. The Big Four state-owned banks clearly outperformed peers, while earnings of all joint-stock banks came in below JPM's expectations.Following the 1Q results, the bank favors ABC (01288.HK) -0.080 (-1.297%) Short selling $277.41M; Ratio 31.485% , CCB (00939.HK) -0.210 (-2.336%) Short selling $1.28B; Ratio 37.462% , BANK OF CHINA (03988.HK) -0.120 (-2.317%) Short selling $523.78M; Ratio 39.575% , ICBC (01398.HK) -0.180 (-2.493%) Short selling $1.04B; Ratio 37.066% and BANK OF NINGBO (002142.SZ) -0.380 (-1.133%) among Chinese banks. It believes PSBC (01658.HK) -0.200 (-3.817%) Short selling $50.64M; Ratio 29.089% may continue to lag behind large state-owned banks.JPM also expects joint-stock banks as a whole to Underperform state-owned banks. CEB BANK (06818.HK) -0.120 (-3.727%) Short selling $12.52M; Ratio 22.980% , MINSHENG BANK (01988.HK) -0.120 (-3.217%) Short selling $12.71M; Ratio 13.101% and HUAXIA BANK (600015.SH) -0.260 (-3.596%) may face greater share price pressure due to earnings contraction in the first quarter. PU DEV BANK (600000.SH) -0.100 (-1.066%) and CM BANK (03968.HK) -0.760 (-1.584%) Short selling $893.53M; Ratio 38.864% may also underperform in the near term, as PU DEV BANK saw a significant slowdown in earnings growth, while CM BANK, despite trading at a valuation premium, still lags large state-owned banks in earnings growth. (ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-29 16:25.) (A Shares quote is delayed for at least 15 mins.)</div>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</div>

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JPM's report highlights a significant improvement in Chinese banks' revenue growth for 1Q26, rising 7% YoY, driven by a recovery in net interest income and a rebound in NIM. The Big Four state-owned banks outperformed their peers, while joint-stock banks lagged behind expectations. JPM favors ABC, CCB, Bank of China, ICBC, and Bank of Ningbo, predicting underperformance for joint-stock banks like PSBC, CEB Bank, Minsheng Bank, and Huaxia Bank due to earnings contraction. PU Dev Bank and CM Bank may also struggle in the near term due to slowed earnings growth.

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JPM: Chinese Banks' 1Q26 Revenue Growth Improves Markedly, NIM Rebound a Positive Surprise