Reported 27 days ago
China's largest state-owned banks saw profit increases in the third quarter despite a slowing economy and shrinking profit margins. The Industrial & Commercial Bank of China reported a 3.8% rise in profits, while smaller banks experienced growth ranging from just over 1% to nearly 6%. Despite margin pressure and rising bad debts, these banks are benefiting from lower provision charges and increased 'other operating income'. However, the overall revenue growth remains modest, signaling potential weaknesses in true profitability.
Source: YAHOO