Covid-19
China’s biggest banks eke out profit but souring loans threaten outlook
Without government forbearance measures, banks' earnings may tumble by 70% to absorb the wave of bad debt, says UBS
28 April 2020 - 23:23
Beijing — China’s biggest banks eked out profit growth in the first quarter even as bad loans climbed with borrowers reeling from the worst economic slump in four decades.
In earnings releases on Tuesday, Industrial & Commercial Bank of China (ICBC) reported a 3% rise in first quarter profit, the slowest since the end of 2018. Bank of Communications posted just a 1.8% gain. Agricultural Bank of China delivered a 4.8% increase, while China Construction Bank saw a 5.1% increase...
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