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Chinese bank profits up by almost a third

Friday 26 August 2011 – by Will Henley


Two of China’s largest banks, Industrial and Commercial Bank of China and Agricultural Bank of China, have exceeded market expectations with record profits in half-year results.

In total 10 of the country’s banks reported higher than expected profits this week for the first half of 2011.

ICBC saw profits rise 29 per cent to ¥109.5bn (€11.9bn/$17.1bn) while Agbank’s profits rose to ¥66.6bn (€7.2bn/$10.4bn).

The news came as the country’s central bank opted to inject liquidity into the financial system for the sixth straight week.

The People’s Bank of China auctioned some ¥3bn (€326m/$469m) of three-month bills at a yield of 3.2 per cent on Thursday.

Related articles:
China’s $3.2 trillion headache
China bank requirements hiked again
Chinese bank targets excessive liquidity
Chinese bank reserve ratios up 50 points
Chinese bank to open five new EU branches

The company results show that most banks saw year-on-year rises of more than 30 per cent, Shanghai Securities News reported on Friday. The report cited growth in banks’ net interest incomes and intermediary businesses.

The ten banks are: China Construction Bank, Bank of China, Bank of Communications, China Minsheng Bank, Shanghai Pudong Development Bank, China Everbright Bank, Huaxia Bank, Shenzhen Development Bank, China Merchants Bank and Industrial Bank.



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