Chinese banks' improved third-quarter earnings show nascent turnaround

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Earnings of Chinese banks in the third quarter slipped by a smaller margin than in the prior quarter, signalling a potential turnaround for a sector whose valuations are near five-year lows.

FILE PHOTO: A man walks past a branch of Industrial and Commercial Bank of China in Beijing, China April 1, 2019. REUTERS/Florence Lo

Earnings were bolstered by a surge in loan growth and smaller provisions for loan losses, the data showed.For a graphic on Chinese commercial banks’ outstanding loan growth: The banks were supported by faster asset growth, which surged to 11% in Q3 2020 from 8.1% in 2019, she said. Data from the China Banking Regulatory Commission showed that loan loss provision ratio of commercial banks fell to 3.53% in the third quarter, slightly less than in the prior quarter.Shen Juan, an analyst at Huatai Securities, expects the net profit of listed banks to grow 7.1% year-on-year in 2021, as policy support for smaller firms, private enterprises and the infrastructure sector boost lending.

 

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Fake accounting. Shadow banking system, fake masks, fake ventilators, fake formula milk, fake cosmetics, fake drugs, fake vaccines, fake wine.. Why on earth could the books be genuine

nice

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