China’s Mega Banks See Slower Profit Growth on Loan Pressure
- Major lenders ICBC, CCB and BOC report earnings on Tuesday
- Concerns over sector’s health intensify amid slowing economy
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China’s biggest banks, including Industrial & Commercial Bank of China Ltd., reported slowing earnings growth after being roped in by Beijing to help stave off a deeper economic slump in the world’s second-biggest economy.
ICBC, the world’s biggest bank by assets, said net income rose 4.9% to 171.5 billion yuan ($24.8 billion) in the six months ended June 30, according to a filing. Bank of China Ltd. reported its net income grew 6.3% to 119.9 billion yuan in the same period, while China Construction Bank Corp reported a 5.4% jump year-on-year to 161.6 billion yuan in that figure.