【Popular Industry】 The Bank's net interest margin continues to be under pressure as the expected reduction in deposit rates arrives.
Jin Wu Financial News | Several major state-owned banks have started to lower deposit interest rates from May 20, with three-year and five-year deposits both reduced by 25 basis points, while three-month, six-month, one-year, and two-year deposits have been lowered by 15 basis points. The interest rate for demand deposits has decreased by 5 basis points. This is the first round of deposit interest rate cuts by state-owned banks this year. Following the historical pattern of deposit rate reductions, after state-owned banks initiated the cuts, nationwide joint-stock commercial banks are expected to follow suit soon. Recently, many local small banks have already been actively lowering their deposit rates. Some long-term deposit rates have fallen below 2%, which means that the fixed deposit rates of most small and medium-sized banks have fully entered the '1 era'. This round of deposits.
Following the six major state-owned banks in the mainland, China Everbright Bank (06818.HK) has lowered its deposit interest rates.
Following the six major state-owned banks in mainland China, including Industrial And Commercial Bank Of China (01398.HK)(601398.SH), China Construction Bank Corporation (00939.HK)(601939.SH), Bank Of China (03988.HK)(601988.SH), Agricultural Bank Of China (01288.HK)(601288.SH), Bank Of Communications (03328.HK)(601328.SH), and CM BANK (03968.HK)(600036.SH), China Everbright Bank (06818.HK)(601818.SH) announced today (
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Official announcement! The LPR was lowered by 10 basis points in May, and the mortgage rate will be further reduced to ease the pressure on net interest margins. A new round of deposit rate cuts also began on the same day.
① A reduction in LPR will further drive down the financing costs of the real economy, stimulate credit demand, and promote corporate investment. ② With a policy interest rate cut of 10 basis points and a corresponding reduction in LPR, the subsequent decrease in the banks' liability costs is a necessity to strengthen interest rate coordination, stabilize interest margins, and achieve the monetary policy's "four-fold balance" objective, while also creating space to further lower the comprehensive financing costs for enterprises.
The LPR Quote for May has been released: both the 5-year and 1-year rates have been reduced by 10 basis points.
The loan market quoted interest rates (LPR) for May have been announced: the LPR for over 5 years is 3.5%, down from 3.6% last month. The 1-year LPR is 3%, down from 3.1% last month.
