Due to increased loan provisions, the growth rate of the Bank's net profit in 2019 was slower than the growth rate of total revenue
Asset quality remains good, and increased provisions are aimed at improving risk buffering capacity to cope with macro-level uncertainties
Net interest spreads in 2019 were stronger than expected. Loan-deposit spreads and interbank asset and liability spreads both increased. Expected 20E net interest spreads still have room to rise
Maintain the buy rating. Our Gordon growth model's H/ A share target price is equivalent to 0.58 times/0.63 times the net market ratio of 20E