Economics
China’s Biggest Banks Set to Report Record Full-Year Profits
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Industrial & Commercial Bank of China Ltd., the world’s biggest lender by market value, and its closest local rivals are set to report record annual profits after third-quarter earnings rose and bad-debt ratios shrank.
Net income at ICBC rose 28 percent from a year earlier to 54.4 billion yuan ($8.5 billion), the Beijing-based bank said in a statement yesterday. Bank of Communications Co., China’s fifth-largest lender by assets, posted a 31 percent gain to 12 billion yuan, the Shanghai-based bank said.