China’s Leading Banks Looking Up
Key profitability and credit metrics at major Chinese banks continued improving in the first half this year as they earned more from lending to businesses, and as fewer loans went sour, while the government continues to clamp down on systemic excesses.
On Wednesday, Bank of China Ltd. (BOC), the country’s fourth-largest bank by assets, reported a strong 11.5% growth of net profit for the first six months compared with the same period a year ago. Agricultural Bank of China (ABC), the third-largest lender, said first-half net profit rose 3.3%, while Industrial & Commercial Bank of China (ICBC), the country’s largest bank, posted a slim 1.8% net-profit increase for the same period.
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