Pandemic delivers rare earnings blow to Chinese banks | Malay Mail

📆 8/31/2020 8:37 AM
📰 malaymail

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SHANGHAI, Aug 31 — China’s “big four” banks have suffered a rare profit decline in the first half of the year, joining a growing body of financial institutions worldwide that have been hit by the coronavirus pandemic. Bad-loan provisions rose as the pandemic hammered Chinese business...

ICBC, the world’s largest lender in terms of assets, said first-half profit fell around 11 per cent. — Reuters pic

Bad-loan provisions rose as the pandemic hammered Chinese business activity, causing a historic first-quarter contraction and weighing on an economy that was already in long-term growth slowdown. “The pandemic sent the world economy into a serious recession, posing heavier pressure on banks’ business operations and asset quality in 2020,” Industrial and Commercial Bank of China ICBC said in an earnings report.

Shares in the four banks, all listed both on the Hong Kong and Shanghai stock exchanges, were barely changed today.

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