AsiaPacificEquityResearch02September2018Chinabanks1H18resultsreview:glimpsing2H18,bigbanksoutperformancetoendBanks&FinancialServicesKatherineLeiAC(852)2800-8552katherine.lei@jpmorgan.comBloombergJPMALEIGeorgeCai(852)2800-8557george.cai@jpmorgan.comJ.P.MorganSecurities(AsiaPacific)LimitedSeepage57foranalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.www.jpmorganmarkets.comChinabanks1H18bottomlinegrowthbeatourexpectationonfee,NIMandlowereffectivetaxrate.Financialdeleveragingcontinuestoseeprogressoncontractionofshadowassetsby