China's 'big four' banks, including ICBC, have suffered a rare profit decline in the first half of 2020 as the global economy reels from the coronavirus pandemic. SHANGHAI: 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.
"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 on Monday .ICBC also indicated in its report that profit was likely impacted by government-directed initiatives to enlist financial institutions in the national pandemic recovery effort by extending credit to keep the economy steady.