China Banks: China CITIC Bank (0998.HK/601998.SS, Not Covered): 3Q26 Post result NDR takeaways

We hosted IR team and business line managers of China CITIC Bank following its 3Q26 results. Key takeaways: 1) NIM compression was concentrated in 1Q, with 2Q-3Q broadly stable; the bank expects modest NIM pressure in 2027 as asset repricing continues; 2) deposit repricing should continue to lower funding costs in 2027, although the benefit is expected to moderate versus 2026; 3) October loan growth improved versus 3Q, with general corporate lending excluding bills ahead of prior expectations, while retail lending remained subdued; 4) retail risk trends were mixed by product, with improving indicators for credit cards, unsecured consumer loans and auto loans, while operating and property-backed operating loans remained under pressure; 5) the new property-financing framework is broadly consistent with the bank's existing project-level controls; 6) credit-card fees remained the main drag on fee income, while the bank modestly extended bond duration and increased allocation to relatively