Steady loan balance expansion supports revenue
• 9M23 net profit to shareholders increased by 0.8% y-o-y to Rmb269bn, in line with market expectation
• NIM dropped by 31bps y-o-y to 1.67%, in line with market trend
• Asset quality largely stable by Sep 23 with NPL ratio at 1.36%
• Reiterate BUY with TP unchanged at HK$5.3 with negatives largely in price and attractive dividend yield of >10%
