Stock Track | BankComm Shares Tumble on Disappointing Q2 Earnings

Stock Track08-29

Shares of Bank of Communications (BankComm) plunged 6.96% intraday on Wednesday, August 29, as the lender reported worse-than-expected second-quarter earnings, underperforming its peers in the banking sector.

BankComm's Q2 earnings were weighed down by lackluster performance in its trading and fee-based businesses, despite a rebound in its net interest margin. The bank's trading gains and fee income remained muted during the quarter, dragging down its overall financial results.

However, BankComm's management expects the decline in fee income to narrow in the second half of 2024, as the impact of rate cuts for bancassurance and mutual fund management fees, implemented in September last year, will ease off. Analysts at Citi maintain a "buy" rating on the stock, believing the worst is likely over and that BankComm trades at lower valuation multiples compared to its peers.

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