德银-中国-银行业-中国银行业：两个不良贷款隐藏案例

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1、DeutscheBankMarketsResearchAsiaIndustryDateHongKongChineseBanks24January2018Banking/FinanceBanksIndustryUpdateHansFan,CFAJackyZuoReadacrossfromtwoNPLhidingResearchAnalystResearchAnalyst(+852)22036353(+852)22036255caseshans.fan@db.comjacky.zuo@db.comWhath

2、appened?EdwardDuTheCBRCrecentlyimposednotablefinesintwoNPLhidingcases:inonecase,ResearchAssociateitfinedtheChengdubranchofShanghaiPudongDevelopmentBank(SPDB)(+852)22036185Rmb462mnlastFridayforcoveringupNPLsworthRmb10bnbygrantingcreditedward.du@db.comfaci

3、litiestomorethan1,400cellcompanies.AccordingtoCaixin,atypicaltransactiongoeslikethis:whenCorporateAisabouttodefault,CorporateBToppicksacquiresCorporateA,andSPDBmakesanewloantoCorporateB,whichthenrepaystheinterestexpensesforCorporateA.TheRmb462mnfineandne

4、wBankofChina(3988.HK),HKD4.70BuyNPLswererecordedinthefull-year2017financials,whichmadeup0.85%ofAgri.BankofChina(1288.HK),HKD4.80Buynetprofitand0.31%oftheloanbook.Source:DeutscheBankCompaniesFeaturedIntheothercase,theChinaBankingRegulatoryCommission(CBRC)

5、finedICBC(1398.HK),HKD7.28BuyGuangfaBankandanother21financialinstitutionsRmb2.07bnintotalforChinaConstructionBankBuyfraudulentguaranteesandnon-compliantlendingtotroubledprivate(0939.HK),HKD8.73manufacturerCosunGroup.GuangfaBankwassuspectedofoffloadingAgr

6、i.BankofChina(1288.HK),HKD4.80BuypotentialNPLsofCosunGrouptootherbanksbyprovidingoff-the-tableBankofChina(3988.HK),HKD4.70Buyguarantees.Withsuchguarantees,thosebanksofferedlendingthroughmainlyBankofCommunicationsBuyshadowbankingchannels,suchastrustplans.

7、GuangfaBankitselfwasfined(3328.HK),HKD6.78Rmb722mn,equivalentto7%ofits2016netprofit.ChinaMerchantsBankHold(3968.HK),HKD38.60Whataretheimplications?ChinaCITICBank(0998.HK),HKD6.58HoldWedonotexpectthesecasestosurprisethemarket,astheyhadbeenChinaMinshengBa

8、nk(1988.HK),HKD8.76Holdreportedinthemedia.However,theysendaclearmessage:regulationisCEB(6818.HK),HKD4.54Holdcertainlyheadedinthedirectionoftighteningandthescrutinyofbanks’ChongqingRuralBank(3618.HK),HKD6.98Buycreditriskman