中国 – 银行：2026年第三季度总结：国有银行三季度利润增长进一步加速，支撑持续跑赢表现

Solid NII growth, strong investment gains, and good cost control supported accelerating PPOP and profit growth for major SOE banks. ABC, ICBC, and BoCom reported double-digit EPS growth, followed by Ningbo and CCB at ~9% YoY. Revenue growth for banks under coverage picked up to 9.3% YoY in 3Q26 from 4.8% in 2Q26, while PPOP growth accelerated to 14.1% YoY overall and 16.2% YoY for SOE banks. Non-interest income rose 10% YoY for SOE banks and 20% on average despite temporary fee pressure from weak capital markets. SOE banks' profit growth rose to 8.6% YoY from 5.5% in 2Q26, while divergence remained among mid-sized banks: Ningbo and Hangzhou grew 12% and 9.5%, whereas Minsheng, Everbright, and Hua Xia fell 33% to 17% on higher credit costs. NIM was broadly stable, down ~1bp QoQ, and further high-cost deposit repricing should support NIM in 2027. NPL ratios stayed stable though special-mention loans rose on inclusive-financing NPLs;