China bank results for the smaller regional banks (city commercial etc) more mixed, but ma-boi Ningbo continues to deliver double digit growth YoY, up 2.5% QoQ, mostly relying on Jiangsu and Zhejiang export machine. NIM margin flattish, growth came from assets up 14% (corp loans up, retail loans flat) and fee income (wealth/asset management) up 25% (in this economy..). The QoQ growth rate in loans, deposits, and fee income has slowed down in Q3 though. Watch. NPL ratio flat, expense ratio flattish. They lost some money on FX derivatives, which probably tells you about the customer base. Yes the bank will not have fun if the export machine slows down. So with dd NI growth, ROE 14%, yours for 0.95 P/B 7.2x PE 3.9% LTM divi yield. For reference, big SOE bank chad CCB is 10% ROE 0.6x P/B 6.4x PE 4.8% divi yield. I own both, 15% of the stack. Maybe should be 30% these, 30% healthcare, and the rest cash.