China banks_ Jan credit growth and deposits mix beat expectations. Fri Feb 14 2025
2025-02-18 05:16
Asia Pacific Equity Research 15 February 2025 J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited China banks Jan credit growth and deposits mix beat expectations January credit data beat expectations and support our positive view on China banks. New TSF and loan beat both JPM and Bloomberg consensus expectations. Although banks are not expecting an acceleration in loan growth in 2025 (link), given the rollout of local government bond swap program, gross new loans are like ...