Big-5 banks’ net profit rises to US$36.4b

By Hu Xiaocen | October 31, 2013, Thursday |

Print Edition

China’s big-five banks posted a 9.9 percent annual rise in combined net profit to 222 billion yuan (US$36.4 billion) in the third quarter, but the growth was weaker compared with 14.6 percent in the same period of last year.

They are expected to report a combined net profit of 847 billion yuan in 2013, or an on-year growth of 9.4 percent, Guotai Junan Securities Co said in a report earlier this week. The banks’ earnings growth may slow to 7.8 percent in 2014, the brokerage said.

The Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China and the Bank of Communications announced their third-quarter results yesterday. China Construction Bank released its earnings on Sunday.

Net income at ICBC, the nation’s largest bank, rose 7.6 percent in the July-September period to 67.2 billion yuan from a year ago.

AgBank reported a 15 percent jump in net profit in the third quarter, the highest among the big five, to 45.6 billion yuan.

Net profit at BOC climbed 13.6 percent to 39.5 billion yuan.

BoCom saw a much weaker rise of 3.4 percent to 13.9 billion yuan during the period, down from 11.7 percent in the same period last year.

The five biggest lenders account for more than 70 percent of the total assets of the 16 listed Chinese banks.

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