UBS stated that China Construction Bank (00939) reported a first-quarter post-tax net profit of 86.3 billion yuan for 2026, representing a year-on-year increase of 3.5%, which surpassed the bank's expectations. Revenue grew by 11% compared to the same period last year, also exceeding forecasts. The revenue growth was primarily driven by an 8.1% rise in net interest income, a 6.7% increase in fee and commission income, and a significant 96% surge in other non-interest income. The bank reaffirmed its "Buy" rating with a target price of HK$10.2.

The report indicated that CCB's operational costs for the first quarter rose by only 3.5% year-on-year, leading to a 13.3% growth in pre-provision profit, the strongest performance among the four major state-owned banks. Impairment losses increased by 28.1% compared to the previous year, ultimately resulting in a 3.5% year-on-year growth in post-tax net profit. It is noteworthy that the effective tax rate for the first quarter of 2026 rose by 2 percentage points compared to the same period last year.