China’s largest banks see profits decline further in Q3, but at slower pace as economy recovers

 

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China’s largest state-owned banks saw their profit decline at a slower pace in the third quarter after the economy rebounded from the coronavirus fallout and the government eased pressure on its massive banking system.

Net income declined 4.6 per cent year over year at both Industrial & Commercial Bank of China Ltd., the world's largest bank by asset, and Agricultural Bank of China Ltd., according to the lenders' stock exchange filings on Friday.

Profit was down 1.6 per cent at Bank of China Ltd. and slid about 7 per cent . . .

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