DBS released a research report stating that the Bank of Communications (03328.HK) rating was downgraded from “buy” to “hold”, the profit estimates for the current year and next two years were reduced by 6% and 9% respectively, and the target price was slightly raised from HK$5.3 to HK$5.5. The company's net interest margin contracted less than that of its peers last year. Meanwhile, Bank of Commerce's loan growth increased by 9.1% year on year, the lowest among all major state-owned enterprise banks. Overall, revenue growth in fiscal year 2023 was steady, on par with peers.