China’s Big Banks Drop After Posting Profit Gains of Below 3%
This article is for subscribers only.
China’s biggest banks fell after posting profit gains of below 3% in the first quarter with policy makers leaning on the lenders to contain debt growth as the economy powers out of the pandemic.
Industrial & Commercial Bank of China Ltd., the world’s biggest bank by assets, on Thursday reported a 1.46% gain in profit in period. Its smaller rivals including Bank of Communications Co., Agricultural Bank of China Ltd., Bank of China Ltd. and China Construction Bank Corp. also saw profit increases of below 3%. All except Bank of China were weighed down by rising loan losses.