Earnings of 5 major banks grow
Print Edition
CHINA’S top-five state-owned banks — Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications — posted stable profit growth of 1.68 percent year on year in the first quarter.
Profits of the five banks totaled 267.5 billion yuan (US$38.8 billion) in the first three months, official data showed.
ICBC’s profit totaled 75.8 billion yuan, leading all four lenders by amount, while based on profit growth from a year earlier, CCB led with an increase of 3.03 percent.
Despite slight profit growth amid business restructuring, the asset quality of the banks rose in the January-March period. ICBC’s bad loan ratio fell 0.03 percentage points, and AgBank’s slipped 0.04 percentage points compared with the end of last year.
It is also the first time that the gains of China Merchants Bank, one of the country’s biggest joint-stock commercial banks, surpassed BoCom.
CMB posted first-quarter profit of 19.98 billion yuan, 654 million yuan higher than BoCom’s net profit for the same period.
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