-- 周四日本股市在休市后恢复交易，开盘走低，伊朗冲突带来的不确定性加剧，推高了油价。 日经225指数下跌432.8点，跌幅0.7%，开盘报59,484.71点。 美国总统特朗普告诉Axios新闻网，除非德黑兰同意一项新的核协议，否则他不会结束对伊朗港口的海上封锁。受此消息提振，美国原油价格升至2022年以来的最高水平，市场情绪疲软。 布伦特原油收于每桶120美元附近。 另据报道，美联储主席杰罗姆·鲍威尔举行了其任期内的最后一次新闻发布会，并强调他将继续留在美联储理事会，担任“低调”的理事。 鲍威尔离任之前，美国司法部决定撤销对美联储的一项备受争议的刑事调查，为参议院确认凯文·沃什出任下一任美联储主席铺平了道路。
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Agricultural Bank of China Posts Modest Q1 Profit Growth as Credit Provisions Bite
Agricultural Bank of China (HKG:1288, SHA:601288) recorded a modest increase in profit in the first quarter of 2026 versus a year earlier, as the lender booked a sharp jump in credit provisions.Profit attributable to shareholders in Q1 jumped 4.5% to 75.2 billion yuan from 71.9 billion yuan, according to a Shenzhen Stock Exchange filing on Thursday.Earnings per share edged up 5.3% year on year to 0.20 yuan from 0.19 yuan.Operating income rose 10.5% to 206.3 billion yuan from 186.7 billion yuan, driven by two main factors. Net interest income climbed 7.6% to 151.2 billion yuan, helped by a 3% drop in interest expense to 152.2 billion yuan, even as interest income edged up 2% to 303.4 billion yuan. Net fee and commission income grew 7.9% to 30.2 billion yuan.Net interest margin, a gauge of profitability, was at 1.26%, the bank said without providing comparable figures.The bank also booked a larger gain on the derecognition of amortized cost assets at 11.1 billion yuan from 6.3 billion yuan in Q1 2025.Additionally, ABC booked a sevenfold jump in net gains on financial investments to 2.8 billion yuan from 420 million yuan.The cost-to-income ratio shrank 157 basis points to 24.01%, as operating expenses grew just 3.6% to 54.0 billion yuan against operating income growth of 10.5%.Meanwhile, credit impairment losses ballooned in Q1 to 73.7 billion yuan from 57.1 billion yuan. As a result, operating profit rose only 1.4% to 78.7 billion yuan from 77.6 billion yuan.The bank did not provide a breakdown of where provisions were allocated.This, however, was partially offset by a lower tax bill. Income tax expense shrank 44% to 3.1 billion yuan from 5.5 billion yuan.Income tax paid during the quarter narrowed sharply to 8.6 billion yuan from 25.7 billion yuan a year earlier.ABC is one of China's five biggest lenders alongside Industrial and Commercial Bank of China (SHA:601398, HKG:1398), Bank of Communications (SHA:601328, HKG:3328), China Construction Bank (SHA:601939, HKG:0939) and Bank of China (HKG:3988, SHA:601988).ABC is the second-largest in terms of asset size. Total assets in Q1 expanded 4.6% from the end of 2025 to over 51 trillion yuan.Loans and advances to customers grew almost 5% to 28.5 trillion yuan, with corporate loans accounting for 16.7 trillion yuan, retail loans 9.7 trillion yuan, and discounted bills 1.6 trillion yuan. The bank's financial investments in Q1 rose 5.1% to 17.1 trillion yuan.In terms of asset quality, the bank's non-performing loan ratio edged down to 1.25% from 1.27%, with its non-performing loan balance rising by 11.9 billion yuan to 355.4 billion yuan.Allowance to non-performing loans was unchanged at 292.55%.Ming Tan, a director at S&P Global Ratings, said Chinese banks "have little direct exposure to the Middle East," as per Singapore Business Times."If the war worsens, it could have second-order impacts on asset quality. Chinese megabanks have above-average exposure to sectors such as transportation, utilities, and manufacturing. These sectors are hit harder by higher energy prices," Tan added.Meanwhile, Bloomberg reported, citing Morgan Stanley analysts, that Chinese banks could see a revenue recovery in 2026 as margin pressure softens and fee income stabilizes.Analysts led by Richard Xu wrote in a late March note, as cited by Bloomberg: "The repricing of deposits and a move toward 'anti-involution' in loan pricing-reducing irrational competition-are among the factors expected to support NIM this year."Vivian Xue, a director for financial institutions at Fitch Ratings, said Chinese lenders' balance sheets will be supported by more cautious loan expansion and a commitment to actively clearing out "toxic assets," Bloomberg reported.
$HKG:1288$SHA:601288
Asia
Piccadilly Agro Industries' Consolidated Net Profit Rises in Fiscal Q4
Piccadilly Agro Industries' (NSE:PICCADIL,BOM:530305) consolidated net profit rose to 452.3 million Indian rupees in the fiscal fourth quarter ended March 31, from 398.0 million rupees a year ago.Earnings per share came in at 4.62 rupees from 4.22 rupees a year earlier, the alcoholic beverages manufacturer said in a filing to the Indian stock exchanges on Tuesday.Revenue from operations in fiscal Q4 also increased to 3.60 billion rupees from 2.72 billion rupees a year ago.
$BOM:530305$NSE:PICCADIL
Asia
Shenzhen Hepalink Pharmaceutical's Profit Rises 20% in Q1
Shenzhen Hepalink Pharmaceutical (HKG:9989, SHE:002399) posted net profit attributable to shareholders of 187.6 million yuan for the first quarter, up 20% from 156.6 million yuan a year earlier, according to a Wednesday Hong Kong bourse filing.Hong Kong-listed shares of the pharmaceutical firm were up over 1% in Thursday's late morning trade.Earnings per share came in at 0.1278 yuan, compared with 0.1067 yuan a year earlier.Operating revenue fell 4.6% to 1.33 billion yuan from 1.39 billion yuan in the prior-year period.
$HKG:9989$SHE:002399