Citigroup: Potential capital replenishment or dilution of Agricultural Bank of China (01288.HK) by 7% to 8% per share, rated "buy".

According to the app of Sina Finance, Citigroup released a research report stating that Agricultural Bank of China (01288.HK) saw a 13% year-on-year increase in Pre-Provision Operating Profit (PPOP) in the first quarter, a significant improvement from a 5.3% year-on-year decline in the fourth quarter of last year, benefiting from the recovery of net interest margin, strong trading income, stable growth in fee income, and improvement in cost-to-income ratio (CIR). Net profit after tax (NPAT) in the first quarter increased by 4.5% year-on-year to 75.2 billion yuan, with a slower growth rate mainly due to higher credit costs. Citigroup gave a "buy" rating for Agricultural Bank's H shares with a target price of HK$6.94.