Big-5 banks’ net to slow in 2014
Print Edition
CHINA’S big-five banks posted a combined net profit of 862.8 billion yuan (US$140 billion) in 2013, an average yearly growth rate of 11 percent that will slow to single digit this year, analysts said.
The banks are the Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China, the Bank of China and the Bank of Communications.
Net profit at CCB jumped 11 percent from a year earlier to 214.7 billion yuan in 2013. Its net fee and commission income grew 11.5 percent to 104.3 billion yuan while net interest income was 389.5 billion yuan, the country’s second-biggest lender said in its annual earning results yesterday.
CCB’s net interest margin dipped to 2.74 percent last year from 2.75 percent a year ago, while its non-performing loan ratio was flat at 0.99 percent.
BoCom, the fifth-biggest lender in China, posted a 6.7 percent growth in net profit last year, below the 9.2 percent estimate of investment bank China International Capital Corp as well as the 12 percent average of its leading peers. Net profit totaled 62.2 billion yuan, while its bad loan ratio widened from 0.92 percent in 2012 to 1.05 percent last year, the bank said in its annual financial results yesterday.
ICBC posted 262.6 billion yuan in net profit while AgBank made 166.3 billion yuan and BOC reported 156.9 billion yuan, according to their 2013 earnings released last week.
Meanwhile, the improvement in China’s banking industry’s net interest margins in the fourth quarter of last year stopped in the first three months of this year due to slowing interbank business and loss of cheap deposits from the Internet finance boom, CICC said in a report.
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