Stock Track | BankComm Shares Slip as Q2 Earnings Disappoint

Stock Track08-29

Bank of Communications (BankComm) saw its shares tumble 6.96% intraday on Wednesday, August 29, after the lender reported worse-than-expected second-quarter earnings, underperforming its peers.

The bank's Q2 earnings were dragged down by muted trading gains and weak fee income, despite a rebound in its net interest margin. Specifically, BankComm's Q2 results were weighed down by lackluster performance in its trading and fee-based businesses.

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. Citi analysts 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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Specifically, BankComm's Q2 results were weighed down by lackluster performance in its trading and fee-based businesses.</p>\n\n<p>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. 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