Big banks report higher growth in lending income in third quarter

Almaty. November 2. Silkroadnews – Big banks report a higher growth in lending income in the third quarter, Xinhua news agency reported.
“China’s big four banks posted higher growth in lending income and improvements in profitability and asset quality, with average daily income of 2.5 billion yuan ($377.3 million) in the third quarter”, the report reads.
It is noted that the Industrial &Commercial Bank of China Ltd (ICBC), the Agricultural Bank of China Ltd, the Bank of China Ltd and the China Construction Bank Corp, which had released their earnings reports, all saw a double-digit increase in net interest income due to improvement in interest margin against a stable and healthy economic growth.
As for net income growth, the Agricultural Bank of China showed a 4.89% increase compared to the previous year, which is the highest among four banks. In terms of asset quality, all four banks reported a decrease in non-performing loans in the third quarter. The rate of the Agricultural Bank of China for non-performing loans decreased due to efforts undertaken to manage risks and improve the macroeconomic situation.
Reportedly, the prices for shares of China’s biggest lenders have increased year-on-year. Shares of ICBC rose from 4.4 yuan in early 2017 to 6.1 yuan in late October, which is a 38.6% growth. Shares of the Agricultural Bank of China rose from 3.1 yuan to 3.7 yuan, a 19.4% gain.