China Banks Post 39% Profit Growth in 2011 Even as Economy Slows
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China’s banks posted their fastest profit growth in at least four years for 2011 as income from loans and fee-based financial services outpaced an increase in defaults triggered by a slowing economy.
Financial institutions in China including policy banks, commercial lenders, rural credit cooperatives and foreign banks, earned a combined net income of 1.25 trillion yuan ($198 billion) last year, a gain of 39 percent from a year earlier, the China Banking Regulatory Commission said in its annual report today.