Chinese Banking Giants: Zero Profit Growth, More Bad Loans
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The first two Chinese banking giants to report earnings this week have two things in common: zero profit growth and bad loans piling up at more than twice the pace of a year earlier.
Industrial & Commercial Bank of China Ltd. posted a 31 percent increase in bad loans in the first half, while Agricultural Bank of China Ltd. had a 28 percent jump, their stock-exchange statements showed on Thursday.