Citibank: China Construction Bank's (03968.HK) first-quarter performance disappoints, net profit growth may lag behind the six major state-owned banks.

Zhixin Financial APP learned that Citigroup released a research report stating that the first quarter performance of China Merchants Bank (03968.HK) was disappointing, affected by weak loan growth, pressure on net interest margins, and trading income. The bank expects the market to react negatively to the lower-than-expected performance of China Merchants Bank in the first quarter, with pure profit expected to increase by only 1.5% year-on-year. Its growth may lag behind the six major state-owned banks. The bank maintains a "buy" rating on China Merchants Bank H shares with a target price of HK $59.06.