Industrial & Commercial Bank of China Ltd. is trading near a record low valuation, with its shares down 11% so far this year in Hong Kong due to rising concerns over margins and asset quality ahead of its first-half results due today.

China’s biggest lender is likely to report slower earnings growth, dragged by weak margins and fee income, according to Bloomberg Intelligence analyst Francis Chan.

The nation’s banks are being pressured by Beijing’s push for lower interest rates to support the economy as well as fears of contagion from a deepening property crisis. In the latest state-directed measures, major lenders are poised to announce lower rates on the majority of the nation’s outstanding mortgages on first homes and will also further cut deposit rates, according to people familiar with the matter.

ICBC shares are currently trading at just 0.38 times book value, compared with 0.95 times for the MSCI World Bank Index, according to data compiled by Bloomberg. The Chinese bank’s valuation touched an all-time low of 0.35 times earlier this month.