Glonghui, April 30 | Morgan Stanley released a report saying that Bank of Communications's revenue for the first quarter of 2024 was the same as the same period last year, and net interest spreads rebounded, but fee revenue declined due to a reduction in the fee ratio. After three years of risk digestion, asset quality improved. Net profit after tax increased by 1.4% year-on-year, and credit costs declined. The bank set a target price of HK$3.7 for H shares, giving it a “reduced holdings” rating. According to the report, the company's net interest spread rebounded 5 basis points to 1.27% quarterly, and expense income recorded a year-on-year decline of 6.4% due to a decline in bank insurance fees and tracking commissions for stock funds; although retail loans rebounded, the non-performing loan ratio fell 1 basis point to 1.32% from the previous quarter.