Caixin
Nov 01, 2018 08:19 PM
FINANCE

Big Banks, Big Profits

China’s four largest state-owned lenders reported higher profits, despite tougher regulations, slowing economic growth and rising bad debts.  Photo: VCG
China’s four largest state-owned lenders reported higher profits, despite tougher regulations, slowing economic growth and rising bad debts. Photo: VCG

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.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.