China’s ICBC Posts Scant Profit Gain on Shrinking Margins
- Agricultural Bank sees profits rise 7.76%; Bocom’s drops 2.98%
- China’s banks are struggling with calls to support economy
An Industrial & Commercial Bank of China branch in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Industrial & Commercial Bank of China Ltd., the world’s largest lender by assets, reported profit grew just 0.03% in the third quarter as it was directed to dole out cheap loans to help shore up the struggling economy.
The other big banks posted mixed results. Agricultural Bank of China Ltd. said profit rose 7.76% in the period, while Bank of Communications Co. reported net income fell 2.98%, according to exchange filings on Friday. On Thursday, China Construction Bank Corp. reported a 2.6% increase in its profit, as it managed to offset a margin slide with lower credit impairments.