Gap between big banks and JSBs narrowed.
According to Barclays, the gap between big banks (BBs) and joint stock banks (JSBs) has narrowed – JSBs’ average profit growth decelerated to 13% y/y (vs 32% for 1Q12), barely in line with the BB’s average of 11% y/y (vs 15% for % 1Q12).
"We believe decent average earnings growth was supported by: 1) strong fee income (avg. +26% y/y); 2) steady interest income (avg. +10% y/y) and low credit cost (avg. 59bps). "
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