Glonghui, April 2 | Bank of America Securities released a report saying that CCB's profit attributable to shareholders before excluding additional Tier 1 capital bonds (AT1) increased 2.4% year-on-year to 332.7 billion yuan last year, which is better than the bank's forecast. At the same time, although the net interest spread for the fourth quarter of last year narrowed by 11 basis points quarterly, part of the impact was offset by better investment returns. According to the bank, CCB's dividend payout ratio was stable at 30.5% last year, and the dividend rate for H shares was 9.2%, which is quite attractive. Therefore, it raised its target price from HK$6.58 to HK$6.85, maintaining a “buy” rating.