BOCHK's pre-provision profit up 3% to HK$6,991m

Here are 3 key highlights.

According to Barclays, BOCHK released a short trading statement on 1Q13 business performance, highlighting strong operating trends and its advantage in offshore RMB (CNH).

Here's more from Barclays:

Pre-provision profit rose by 3% y/y and 29% q/q to HK$6,991mn to represent 26% of our full-year estimate for 2013. No net profit figures were disclosed.

Key highlights:
§ Margin expanded sequentially due to “loan-deposit spread and asset mix”: We believe BOCHK benefited from lower CNH deposit costs in 1Q13 and increased deployment of CNH liquidity. RMB loans continued to grow.

§ Fee and commission income improved q/q from insurance, loans, securities brokerage and funds distribution: BOCHK benefited from growth in CNH products and services and saw strong demand for its new “BOCHK All Weather RMB High Yield Bond Fund” launched in 1Q13, the first of its kind to be catered to retail customers. In corporate banking, it is helping Qianhai-registered corporates to prepare for cross border direct RMB loans.

§ Asset quality remains solid with lower specific impairments and lower credit cost q/q: The NPL ratio was stable at low levels.

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