Bank of China 1Q26 Post Result NDR Takeaways

Goldman Sachs reports that Bank of China expects NIM improvement in 2026 and targets 8% loan growth while maintaining a 30% dividend payout ratio. Management remains optimistic about stable revenue growth despite pressure in retail consumer loan asset quality.

Key Takeaways

• 1.NIM is expected to improve in 2026 from 4Q25 levels, driven by lower funding costs as deposit repricing continues.
• 2.Full-year loan growth is targeted at approximately 8%, supported by robust corporate loan expansion.
• 3.Asset quality remains largely stable, with a focus on managing consumer loan pressure and a slight rise in mortgage NPL ratios to 0.8%.

Table of Contents

• NIM
• Loans
• Deposits
• Asset Quality
• Non-NII
• Capital, Profit, Shareholder Return
• Price Target Risks and Methodology - Bank of China
• GS Forecast
• Disclosure Appendix

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