China’s Big Banks Post Profit Gains on Credit Expansion

(Bloomberg) ― China’s mega lenders led by Industrial & Commercial Bank of China Ltd. (ICBC) delivered stable profit gains as they were directed to pump up lending to support the flagging economy.

ICBC, the world’s largest bank by assets, posted a 6.8% increase in third-quarter profit, while Bank of China Ltd. said net income grew 4.9%. Agricultural Bank of China Ltd. and Bank of Communications Co. also reported higher profits. China Construction Bank Corp.’s net income rose 8.6%.