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☆ HSBC shares sink 3% after pre-tax annual profit misses estimates on impairment costs
▼ + stars: | 2024-02-21 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +1 min

Customers use automated teller machines (ATM) at an HSBC Holdings Plc bank branch at night in Hong Kong, China, on Saturday, Feb 16, 2019. HSBC 's full-year 2023 pre-tax profit missed analysts' estimates, hit by impairment costs linked to the London-based lender's stake in a Chinese bank — sinking its shares by as much as 3%. With three share buy-backs in 2023 totaling $7 billion, Quinn said the bank returned $19 billion to shareholders last year. The bank suffered a "valuation adjustment" of $3 billion on its stake in Bank of Communications, Quinn said. HSBC's Hong Kong shares reversed gains of about 1% after trading resumed, falling as much as 3.2% in early afternoon trade.

Persons: LSEG, Noel Quinn, Quinn Organizations: HSBC Holdings Plc, HSBC, Bank of Communications Locations: Hong Kong, China, London, Europe's, Bank

☆ Stocks making the biggest moves midday: Nvidia, SolarEdge, Teladoc, Wingstop and more
▼ + stars: | 2024-02-21 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

First-quarter revenue is expected to be $175 million to $215 million, far below the $406 million forecast. Teladoc posted $661 million in revenue, below the $671 million consensus forecast from LSEG, formerly known as Refinitiv. Wingstop — The restaurant chain slipped 4% despite reporting fourth-quarter earnings and revenue that topped analysts' estimates. However, total revenue growth came down for the fourth consecutive quarter. Wix.com reported fourth-quarter earnings of $1.22 per share, more than the consensus estimate from StreetAccount of earnings of 96 cents per share.

Persons: SolarEdge, Teladoc, Alan Shaw, —, Dow, Wingstop, Wix.com, CNBC's Hakyung Kim, Michelle Fox, Lisa Kailai Han, Jesse Pound, Samantha Subin, Yun Li, Sarah Min Organizations: Nvidia, Wall, Palo Alto Networks, Toll, Norfolk Southern, Barclays, Walgreen Boots, Dow Jones, Walgreens, Alliance, Dow Jones Industrial, Walgreens Boots Alliance, HSBC —, HSBC, Bank of Communications, Garmin —, Garmin Locations: Palo, billings, LSEG, U.S, China

☆ HSBC 2023 results: $3 billion China writedown hits annual profit
▼ + stars: | 2024-02-21 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Of the total, $3 billion was related to BoCom, one of China’s biggest banks, while $2 billion was from selling its retail banking business in France. Separately, HSBC made $3.4 billion in provisions to cover expected credit losses and other charges related to its exposure to the commercial real estate sector in mainland China. The property market has since entered a prolonged slump, marked by an ongoing decline in real estate investment and sales of property. The charges reported by HSBC cast a shadow over its record annual profit, which came in at $30.3 billion, up 78% from 2022. In October, rival Standard Chartered reported a $186 million credit impairment charge related to commercial real estate in the country.

Persons: “, Matt Britzman, Hargreaves Lansdown, Mark Tucker, — Hanna Ziady Organizations: Hong Kong CNN — HSBC, China’s Bank of Communications, HSBC, HSBC isn’t, Chartered Locations: China, Hong Kong, Asia, France, BoCom, Mainland China

☆ Global bank ranking removes Unicredit and moves up UBS, China banks
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

Unicredit Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsZURICH, Nov 27 (Reuters) - The Financial Stability Board (FSB) on Monday removed Italy's UniCredit (CRDI.MI) from the list of global systemically important banks and moved three banks, including Switzerland's UBS (UBSG.S), up a bucket. UniCredit, which was the only lender in Italy among those deemed as being of global systemic importance by the FSB, had no comment. UBS moved up a bucket after earlier this year taking over Credit Suisse in the first merger of two systemically important banks. Agricultural Bank of China and China Construction Bank also moved up from bucket 1 to bucket 2.

Persons: Dado Ruvic, Italy's, Noele Illien, Giulio Piovaccari, Louise Heavens, Sharon Singleton Organizations: REUTERS, Rights, UBS, UniCredit, Credit Suisse, China's Bank of Communications, Agricultural Bank of, China Construction Bank, Thomson Locations: Italy, Agricultural Bank of China

☆ Exclusive: China to name finance veteran Zhu as new forex chief, sources say
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +3 min

The building of State Administration of Foreign Exchange (SAFE) is pictured in Beijing, China, January 11, 2017. Zhu's appointment to lead the State Administration of Foreign Exchange (SAFE) is expected to be announced as soon as this week, said one of the sources. Zhu, 55, would also be named a deputy governor of the People's Bank of China (PBOC), which oversees the foreign exchange regulator, said the source. Zhu will take over the forex regulatory head role from Pan Gongsheng, who has held the post since 2016 and who was named the central bank governor in July. An engineering graduate from the Shanghai University of Finance and Economics, Zhu has also been a deputy central bank governor, and vice governor of Sichuan province in southwestern China.

Persons: Jason Lee, Zhu Hexin, Zhu, Pan Gongsheng, Goldman Sachs, Sumeet Chatterjee, Muralikumar Organizations: Administration of Foreign Exchange, REUTERS, Rights, CITIC Group, State Administration of Foreign Exchange, People's Bank of China, Communist, Reuters, SAFE, Bank of Communications, Bank of China, Shanghai University of Finance, Thomson Locations: Beijing, China, Rights BEIJING, HONG KONG, Sichuan, outflows, Hong Kong

☆ The Big Bank With a $15 Billion Conundrum in China
▼ + stars: | 2023-11-21 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

HSBC’s investment in Bank of Communications dates to 2004. Photo: REUTERS/StringerHSBC Holdings has a $15 billion headache in China—a big stake in a local lender that it can’t easily sell and that could require a big write-down. Long after most other Western banking giants have exited similar positions, HSBC has held on to its roughly 19% position in Bank of Communications , an investment that dates back to 2004. HSBC, Europe’s largest bank by market value, has said the stake is strategically important for its ambitions to grow in Asia.

Organizations: Bank of Communications, REUTERS, Stringer HSBC Holdings, HSBC Locations: China, Bank, Asia

☆ China's property crisis could take up to a decade to fix, warns an economist who was censored for his bearish views on the economy
▼ + stars: | 2023-09-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's property crisis may take up to a decade to resolve, economist Hao Hong told CNBC. Hong's WeChat and Weibo social media accounts were suspended last year after a series of bearish posts on China's economy. "Fixing the property sector may be a multi-year or even a decade's work in front of us. The property sector, along with related industries, contributes as much as 30% to the country's GDP. Still, there may be an upside ahead for China's economy once the property market's problems are resolved, Hong told CNBC.

Persons: Hao Hong, Hong's WeChat, —, Keng, that's, Hui Ka Yan, Hong, Hao, 洪, China's, Hong's, Li Daokui, Evergrande Organizations: CNBC, Weibo, Service, Grow Investment, China, Bloomberg, Investment, CFA, Twitter, Nikkei, Bank of Communications International, People's Bank of China Locations: China, Shanghai, Weibo

☆ Wang Bin: Chinese insurance boss sentenced to life in jail for corruption
▼ + stars: | 2023-09-13 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Wang Bin, the former chairman of one of China’s biggest life insurers, will spend the rest of his life in jail after a court found him guilty of corruption. Wang was accused of taking the bribes between 1997 and 2021, when he headed a number of state-owned financial institutions, including China Life Insurance, China’s Bank of Communications and China Taiping Insurance. “The amount of bribes Wang Bin accepted was particularly huge, the circumstances of the crime were particularly serious and the social impact was particularly bad,” the ruling said. He is the latest top executive to become ensnared in President Xi Jinping’s anti-corruption crackdown on the country’s $56 trillion financial sector. The sentence came more than a year after Wang, who was also the top Communist Party official at China Life, was investigated by the party’s top anti-graft agency.

Persons: Hong Kong CNN — Wang Bin, Wang, Wang Bin, Xi Jinping’s, Li Xiaopeng, Liu Liange, Bao Fan, Xi Organizations: Hong Kong CNN, China Life Insurance, China’s Bank of Communications, China Taiping Insurance, Communist Party, China, China Everbright, Bank of China Locations: China, Hong Kong, Jinan, China’s, Shandong, United States

China cut its one-year benchmark lending rate on Monday, which is set to further weigh on banks' NIM. Chinese commercial banks' NIM shrank sharply to 1.74% last quarter from 1.91% at the end of 2022, official data showed. Shares of China's biggest five banks have been sliding since early May amid concerns over the weakening economy. Debt-laden municipalities represent a major risk to China's economy and financial stability, after years of over-investment in infrastructure and plummeting returns from land sales. Still, there's really no getting around the fact that banks will need to sacrifice profitability to support the economy this year," Beddor added.

Persons: Florence, headwinds, Gary Ng, NIM, Christopher Beddor, there's, Beddor, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Himani Organizations: Bank of Communications, Fair for Trade, Services, REUTERS, China Construction Bank, Corporate, Investment Banking, Industrial, Commercial Bank of China, Bank of Communications Co, Agricultural Bank of China, JPMorgan, Thomson Locations: Beijing, China, BEIJING

☆ China mutual funds cut fees as regulator targets $3.7 trillion sector
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +4 min

The cuts, which the fund companies said in identical phrasing were "aimed at reducing investors' costs in managing their wealth", come after China's securities regulator on Saturday vowed to guide mutual fund fees lower. Fund management fees would be capped at 1.2% of assets and custodian fees at 0.2%, state media reported. Nevertheless, the industry collected 144.1 billion yuan in management fees in 2022, up 1.7% from a year earlier, according to TX Investment Consulting Co. FEE CUTFullGoal Fund Management Co said it would cut fees on 119 products starting Monday, while Harvest Fund Management announced cuts for 113 products. The CSRC published opinions in April last year to promote high-quality growth of the mutual fund industry.

Persons: Morningstar, Ivan Shi, China's, Warburg Pincus, Samuel Shen, Tom Westbrook, Selena Li, Muralikumar Anantharaman, Jamie Freed Organizations: China Asset Management Co, Bank of Communications Schroder Fund Management, China Securities Regulatory Commission, Ben Advisors, Investment Consulting Co, Management, Harvest Fund Management, Asset Management Co, Ou Asset Management Co, Warburg, Shanghai Securities News, Thomson Locations: SHANGHAI, SINGAPORE, China, United States, Shanghai, China's

☆ Hong Kong stocks slump on worries about Chinese banks, US interest rates
▼ + stars: | 2023-07-06 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Hong Kong stocks on Thursday recorded their worst day in four months, after Goldman Sachs downgraded major Chinese banks on local government debt risks and the US Federal Reserve gave a hawkish outlook. Financial shares led the sell-off, after Goldman Sachs downgraded several Chinese banks. The Hang Seng Mainland Banks Index, which tracks mainland Chinese banks listed in Hong Kong, plummeted 6.5%. These banks face earnings risks stemming from their exposure to China’s local government debt, the Wall Street firm said. Sentiment in Hong Kong markets was also affected by the Fed’s hawkish rate outlook.

Persons: Goldman Sachs, Xi Jinping’s, ” “, ”, Stephen Innes, Janet Yellen, Biden, Korea’s Kospi Organizations: Hong Kong CNN, US Federal Reserve, Asia Pacific . Financial, Mainland Banks Index, Commerical Bank of China, Industrial Bank, Bank of China, Bank of Communications, Huaxia Bank, US, Nikkei Locations: Hong Kong, Asia, Mainland, “, China, Beijing, Shanghai

The People's Bank of China, which typically issues guidance on dollar deposit rates to state banks, did not immediately comment on the matter. The lenders - Industrial and Commercial Bank of China (601398.SS), , Bank of China (601988.SS), , Agricultural Bank of China (601288.SS), , China Construction Bank (601939.SS), and Bank of Communications (601328.SS), - did not immediately respond to requests for comment. The lower rates could both discourage households from putting savings into higher-yielding dollar deposits and nudge Chinese firms, especially exporters, to settle foreign exchange receipts in yuan. The latest cut in dollar deposit rates was the second in barely a month. Some currency traders also said the cuts in dollar deposit rates would ease pressure on commercial lenders' net interest margin, as banks' dollar deposit rates had risen above lending rates before the recent adjustments.

Persons: Ken Cheung, Banks, PBOC, Winni Zhou, Samuel Shen, Jindong Zhang, Rong Ma, Ryan Woo, John Geddie, Edmund Klamann Organizations: People's Bank of China, Industrial, Commercial Bank of China, Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, Traders, U.S, Mizuho Bank, Reuters, Thomson Locations: SHANGHAI, BEIJING, China, United States, China's, Shanghai, Beijing, Tokyo

☆ Chinese regulators warn four analysts over Feb 2022 strategy report
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

The research report, published in February 2022 when China was battling the pandemic, predicted that the domestic stock market would still seek bottom following a rebound, as the economy was under heavy downward pressure. Negative comments by analysts and commentators in China are often censored and have come under increased regulatory scrutiny. The warning comes as China's stock market is struggling to stand on its feet amid signs the post-COVID recovery is losing steam. Other analysts and commentators in China have been censored or come under scrutiny after negative comments in the past. Separately, China's securities watchdog last March launched a crackdown on brokerages using feng shui to predict stock market trends in their research notes, state media reported.

Persons: CSRC, Zhang Xia, Chen Gang, Geng Ruitan, Tu, Yi Huiman, Hong Hao Organizations: China Merchants Securities, China Securities Regulatory Commission, Bank of Communications International Holdings Co, Shanghai, Thomson Locations: SHANGHAI, China, Shenzhen

☆ Analysis: Struggling China local governments find a fundraising loophole, lifeline in "pearl bonds"
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +5 min

SHANGHAI/HONG KONG, May 31 (Reuters) - China's cash-strapped local governments have suddenly rushed to an unusual corner of the debt market in Shanghai where ambiguous rules offer ways to skirt restrictions on onshore borrowing. LGFVs accounted for about two-thirds of the issuers and 60% of the debt sold this year nation-wide, according to Reuters' calculations. Among all the newly-issued FTZ bonds this year, 55, or two-thirds of all 82 issuers, were LGFVs, according to Reuters' calculations. The "pearl" or free trade zone (FTZ) bonds have been around since 2016 but are only now becoming popular as tighter central government supervision on LGFV debts starts to bite. AMBIGUOUS POSITIONING"Pearl bonds" differ from other offshore bonds as trades are cleared by the state-owned China Central Depository & Clearing Co, rather than a global clearing house.

Persons: Shi Xiaoshan, Fitch, Royston Quek, Tim Fang, Pearl, Zhang Hong, Georgina Lee, Tom Westbrook, Kim Coghill Organizations: U.S, Haitong International Securities, China Central Depository, Industrial, Group, Credit Agricole CIB, Shanghai Pudong Development Bank, Bank of Communications, Pudong New, Financial, Reform Commission, Reuters, The, Administration of Foreign Exchange, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Shanghai, Beijing, U.S . Federal, Hong Kong, China, Zhejiang, Pudong, SINGAPORE

☆ Vast China-Russia resources trade shifts to yuan from dollars in Ukraine fallout
▼ + stars: | 2023-05-11 | by ( Chen Aizhu | ) www.reuters.com time to read: +7 min

[1/2] Model of natural gas pipeline, Russian and Chinese flags and Yuan and Rouble banknotes are seen in this llustration taken, September 7, 2022. "For now, and for the foreseeable next few years, I think the trade using RMB will predominantly be used for commodity and energy trade." Russian President Vladimir Putin has said that two-thirds of trade between Beijing and Moscow is now settled in roubles or yuan. Surging commodity imports pushed China's trade deficit with Russia to $38 billion last year, although the gap has narrowed in the first four months of 2023. Gazprom, which said last September it had agreed with CNPC to settle gas trade in roubles and yuan, did not respond to requests for comment.

[1/3] People walk past a branch of Industrial and Commercial Bank of China (ICBC) in Beijing, China April 1, 2019. REUTERS/Florence LoSummarySummary Companies Top five lenders post shrinking net marginsNon-performing loans hold steady at all fiveQ1 net profit growth mostly flatSHANGHAI/BEIJING, April 28 (Reuters) - Five of China's largest lenders posted shrinking margins in the first quarter on Friday, as loan re-pricing bites. Following suit were Agricultural Bank of China Ltd (AgBank) (601288.SS), Bank of China (BoC) (601988.SS), China's Bank of Communications Co Ltd (BoCom) (601328.SS), and China Construction Bank Corp (CCB)(601939.SS), all posting dips in their NIM. All lenders posted flat to around 5% net profit growth with BoCom logging the highest first-quarter net profit at over 5%. AgBank came in second with 1.75% as the others posted flat net profit growth over the same period.

SHANGHAI/SINGAPORE, April 28 (Reuters) - Chinese banks are ramping up efforts to promote international use of the yuan, and reporting a surge in cross-border yuan business from the country's booming trade with Russia and deepening ties with the Middle East. Harbin Bank Co (6138.HK), in China's Heilongjiang province neighboring Russia, saw its cross-border yuan business grow nine-fold last year to a record, as the Sino-Russia trade grew briskly after the Ukraine war began. Industrial Bank Co (601166.SS), whose cross-border, corporate payment business jumped 50% last year, has also been actively promoting CIPS, China's own global payment system. The bank said it currently helps 153 foreign and Chinese banks connect to CIPS, to advance China's yuan internationalisation strategy. "Increasing the use of yuan in pricing, and settling cross-border oil and gas trade will give a boost to yuan internationalization."

☆ Hong Kong Banks Are Netting Crypto Customers as City’s Push Gains Steam
▼ + stars: | 2023-04-14 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

The Hong Kong unit of China’s state-owned Bank of Communications is working with cryptocurrency companies licensed in the city. HONG KONG—Banks in Hong Kong, including the local unit of a big Chinese state-owned lender, are taking on crypto companies as new customers as the city advances its vision of becoming a digital-assets hub. Banks have opened deposit accounts for crypto businesses that can be used to support their day-to-day operations, such as paying salaries to employees. Some are going as far as providing crypto trade-settlement services that other lenders have steered clear of because of the potential risks involved.

REUTERS/Florence Lo/File PhotoSummarySummary Companies Five big lenders post over 3.5% annual net profit growthNet interest margin shrank at all fiveNPL ratios steady or down for all fiveBEIJING, March 30 (Reuters) - China's Big Five lenders posted above 3.5% annual net profit growth this week, but warned that the foundations of the country's recovery were "not yet solid". China's Bank of Communications Co Ltd (BoCom) (601328.SS), and Bank of China (BoC) (601988.SS) both posted just over 5% annual net profit growth on Thursday. Even higher figures came from the Agricultural Bank of China Ltd (601288.SS) (AgBank) on Thursday and China Construction Bank Corp on Wednesday, which both posted over 7% annual net profit growth. Industrial and Commercial Bank of China (ICBC) (601398.SS), , the world's largest listed lender by assets, came in at 3.5% annual net profit growth. NPLsWhile all five lenders posted steady or falling non-performing loan ratios, they also logged shrinking net interest margins (NIM), a key gauge of bank profitability.

☆ Meet the 4 men tipped to run China’s economy
▼ + stars: | 2023-03-01 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —The team of Communist Party officials running China’s economy is about to get a major makeover. They include the four men tipped to manage the world’s second biggest economy: Li Qiang as premier, Ding Xuexiang as executive vice premier, He Lifeng as vice premier and Zhu Hexin as the new central bank chief. That puts the 63-year-old in line to succeed Premier Li Keqiang when he steps down during the upcoming congress. Li would be the first premier since the Mao era not to have previously worked at the State Council, China’s cabinet, as vice premier, analysts say. Stringer/ICHPL Imaginechina/AP/FileThe 68-year-old would succeed Vice Premier Liu He, who led China’s negotiations with the United States during trade talks in 2018 and 2019.

☆ China’s property crash is prompting banks to offer mortgages to 70-year-olds
▼ + stars: | 2023-02-17 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Some banks in the cities of Nanning, Hangzhou, Ningbo and Beijing have extended the upper age limit on mortgages to between 80 and 95, according to a number of state media reports. China’s property market is in the midst of a historic downturn. The mortgage borrower’s age plus mortgage length should not usually exceed 70 years, according to previous rules published by the banking regulator. Separately, a branch of Citic Bank has extended the upper age limit on its mortgages to 80, the paper said, citing a bank client manager. Other than Beijing, some banks in Nanning, the provincial capital of Guangxi province, have raised the upper age limit on mortgages to 80, according to the city’s official newspaper Nanguo Zaobao.

☆ Morning Bid: Fearless?
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +4 min

As bond markets furiously flag a looming recession, stock markets suddenly seem fearless. Wall St's so-called 'fear index' of implied equity volatility (.VIX) fell on Tuesday to its lowest level since August. Put against the deepening inversion of the U.S. 2-10 year Treasury yield curve to its most negative in 22 years, typically a harbinger of recession ahead, the apparent stock market calm is puzzling. Some analysts reckon stock market positioning is already so low and portfolios so underweight equity that demand for downside protection in the options market has waned too. Any hoping for an end to the jump in interest rate rate rises around the world were also disappointed.

☆ Chinese lender BoCom agrees $14 bln credit line with developer Vanke
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 23 (Reuters) - China's Bank of Communications Co Ltd (BoCom) (601328.SS) said on Wednesday it would provide a 100 billion yuan ($13.98 billion) credit line to developer Vanke in the latest sign of support for the embattled property sector. The property sector makes up about a quarter of the economy. Under the agreement, BoCom will likely offer Vanke (000002.SZ) property development loans, mortgage loans and loans for merger and acquisition deals, according to a statement released by the lender. The agreement is part of the bank's efforts to implement 16 measures outlined by Chinese regulators to support the property sector, it said in the statement. China's property sector, once a pillar of growth, has slowed sharply this year due to government efforts to restrict excessive borrowing by developers.

☆ Chinese investors burnt by bond slump urged to have 'serene heart'
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +4 min

"We deeply understand your anxiety in a volatile market," HZBank Wealth Management, a unit of Bank of Hangzhou (600926.SS), told investors in a letter on Wednesday. The Bank of China's (601988.SS) asset management unit also asked investors not to worry. Investors need faith and a serene heart," BOC Wealth Management said in a public letter to investors, suggesting clients view volatility "from a rational and long-term perspective." A slew of other asset managers that sell banks' wealth management products to risk-averse investors, including Nanyin Wealth Management and CIB Wealth Management, wrote similar letters of good cheer. Xu forecasts the end of Chinese bonds' bull market, with the 10-year yield rising to a one-year high around 3%.

☆ Three of China's largest lenders report over 6% rise in third quarter profit
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] People stand at a booth of Industrial and Commercial Bank of China (ICBC) during the 2022 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS/Tingshu WangBEIJING, Oct 28 (Reuters) - Three of China's largest lenders posted third quarter profit rises of over 6% as non-performing loan ratios shrunk. Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS), the world's largest commercial lender by assets, said net profit rose 6.8% year-on-year in the third quarter in a Friday filing. All three lenders posted slight falls in non-performing loan ratios in the third quarter. Both ICBC and AgBank posted NPL ratios of 1.4% for the end of September compared to 1.41% at the end of the quarter before.

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