Key metrics trending better than peers
• 1H22 net profit increased by 4.8% y-o-y to Rmb 44bn
• NIM showed a lower-than-peers drop of 2bps y-o-y to 1.53%; NII increased by 8.4% y-o-y to Rmb 85bn
• NPL dropped by 2bps h-o-h or 1bp q-o-q to 1.46% in the challenging 1H22 environment
• Reiterate BUY with TP revised down to HK$5.7
