Big Banks, Big Profits
Profits at China’s four biggest state-owned banks appeared to hold up well in the third quarter despite slowing economic growth, tougher regulation, and big increases in bad debt write-offs.
Industrial and Commercial Bank of China Ltd. (ICBC), the country’s biggest lender by assets, reported its third-quarter net profit rose 5.6% year-on-year to 79.2 billion yuan ($11.4 billion), faster than the 4.9% increase in the first half of the year. The bank, which is listed in Shanghai and Hong Kong, released its earnings report on Oct. 30, the last of the big four banks to do so.
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