, Columnist
Four’s the Magic Number for China’s Banks
The curious clustering of first-quarter profit numbers has implications for shareholders and the economy.
The love affair with consumers is waning, by government decree.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s banks doled out a fifth more loans in the first quarter than a year earlier, so profit increases shouldn’t be surprising. What’s striking is just how small — and similar — those gains are.
On Monday, Industrial & Commercial Bank of China Ltd., Bank of China Ltd., China Construction Bank Corp. and Bank of Communications Co. posted higher net income. Including Agricultural Bank of China Ltd., which reported last week, rises at the big five clustered in a range from 4.1 percent to 4.9 percent.