China’s Big Banks Post Profit Gains on Credit Expansion
- Five major lenders including ICBC, BOC reported results Friday
- China’s banks boosted lending to support struggling economy
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China’s mega lenders, led by the Industrial & Commercial Bank of China Ltd., delivered stable profit gains as they were directed to pump up lending to support the flagging economy.
ICBC, the world’s largest bank by assets, posted a 6.8% increase in third-quarter profit, while Bank of China Ltd. said net income grew 4.9%. Agricultural Bank of China Ltd. and Bank of Communications Co. also reported higher profits. China Construction Bank Corp.’s net income rose 8.6%.