Chinese banking giants post 1Q profit

Chinese banking giants the Industrial and Commercial Bank of China and Agricultural Bank of China reported an increase in their first quarter net profit on Friday, boosted by growth in interest income.

The ICBC, the country's biggest lender, said its net profit for the January-March period grew 14 percent from a year earlier to 61.34 billion yuan ($9.75 billion), in a statement to the Hong Kong stock exchange.

AgBank, the country's third-biggest lender by assets, meanwhile saw its first-quarter profit soar 28 percent to 43.45 billion yuan, although the growth pace was slower than the 36 percent increase it posted during the same period a year ago.

The banks are two of China's "Big Four" lenders, alongside China Construction Bank and the Bank of China.

China's major banks have reported strong profits despite the slowing economy, further fuelling resentment as companies struggle to access much-needed credit and helping prompt an explosion in underground lending.

Premier Wen Jiabao has called for the break-up of a banking "monopoly" on lending that has squeezed private businesses.

"In regards to financing costs, let me honestly say that our banks are making a profit too easily. Why is this so? It's because a few big banks are in a monopoly position," he said earlier this month.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Fight vs online libel goes to the UNHCR Ederic Eder, Yahoo! Southeast Asia - The Inbox
    Fight vs online libel goes to the UNHCR

    Commentary By Ellen T. Tordesillas Last Tuesday, while in Baguio City for their summer session, the Supreme Court denied all the Motions for Reconsideration on Online Libel which it upheld in its Feb. 18, 2014 decision. It will be recalled … Continue reading → …

  • Book chronicles efforts for PWD-friendly polls VERA Files - The Inbox
    Book chronicles efforts for PWD-friendly polls

    By Melissa Luz Lopez, VERA Files A lot have been done but much still need to be done for a hassle-free  participation of  Persons with Disabilities in elections,according to a book published by The Asia Foundation (TAF) and supported by … Continue reading → …

  • The other side of Palawan Ellen Tordesillas, Contributor - The Inbox
    The other side of Palawan

    By Ellen T. Tordesillas Mention Palawan and what comes to mind are Underground River and El Nido in the northern side of this richly-blessed province from its capital, Puerto Princesa. Three weeks ago, we went to the southern side- in … Continue reading → …

POLL
Loading...
Poll Choice Options