Profit growth of China’s largest banks slowed down in the first quarter - media

Almaty. May 2. Silkroadnews – In the first quarter of 2017 there was a slowdown in the growth of profits of China’s five major banks, Xinhua news agency reported.

Thus, the slowing profit growth was registered in the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications.

With this banks managed to prevent an increase in the share of bad loans. Thus, the share of bad loans of the Agricultural Bank of China decreased by 0.04% and of the Industrial and Commercial Bank of China by 0.03% compared to the previous quarter.

Analysts attributed the slowing profit growth to economic growth slowdown and believe that the country’s debt-for-equity swap policies and strengthened government regulation contributed to improve the banks’ bad loan management performance.