ICBC, the third of China’s top five state-owned listed banks to post half-year results, reported a 4.7% rise in profit.
Banks must now set interest rates on new loans with reference to the LPR, which is now set under a revamped mechanism designed to help lower borrowing costs for companies. Bank of Communications , which reported a 4.9% rise in first-half net profit earlier this week, said asset quality would be key. “The overall performance of the sector will continue to fall, and the valuation on Chinese banks will be under pressure,” he added.
Gu Shu, president of Industrial and Commercial Bank of China , attends a news conference announcing the bank's half-year results, in Beijing, China August 29, 2019. Picture taken August 29, 2019. REUTERS/Stringer ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. CHINA OUT.
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