Better than peers loan growth and asset quality
- 1H22 net earnings grew 7.1% y-o-y to HKD 13.47bn, in line with expectations
- Adjusted NIM increased by 5bps h-o-h to 1.13%; expect more upside in 2H22
- Loan growth of 5.1% h-o-h; NPL ratio at 0.46%, both were better than peers
- Reiterate BUY with TP revised down to HK$ 34.1
