www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesAsiaLimited.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE18.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.GlobalResearch24April2020ChinaBanksUBSEvidenceLabinside:ConsumercreditbeyondCOVID-19–moreheadwindsahead?Q120impact:Sluggishloangrowth,lowerfeeincomeandrisingNPLsDrivenbytheCOVID-19impact,China'sconsumercreditcontracted1.2%inQ120,withmortgageslessaffected.Ba...
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