China’s ICBC Posts Profit Drop as Big Banks Feel Margin Pain
An ICBC bank branch in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s Industrial & Commercial Bank of China Ltd. posted a decline in profit in the first quarter as interest rate cuts weigh on the nation’s biggest lenders and a trade dispute further threatens income.
Net income at China’s biggest bank fell 3.99% to 84.2 billion yuan ($11.6 billion), according to a Tuesday filing. China Construction Bank Corp. posted a similar decline, while profit at Bank of China Ltd. fell 2.9%. Agricultural Bank of China Ltd. and Bank of Communications Co. reported small profit gains. Margins contracted for all the banks from the end of 2024 and are at record low levels for the whole sector.