Chinese banks' profits fell in first half, bad loan ratio hit highest in ten years

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Chinese banks’ net profits dropped by a combined 24 per cent in the second quarter, compared with a year earlier, as banks grappled with bad loans caused by the coronavirus pandemic.

The sector's net profit stood at 426.7 billion yuan ($61.4 billion), down from 559 billion yuan during the same period a year earlier, were 29 per cent down from the 600 billion yuan recorded in the first quarter, data from the China Banking and Insurance Regulatory Commission (CBIRC) showed.

For the first half of the year, the banks' profit fell 9 . . .

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