China's top banks post lower second quarter profit as property sector weighs [Yahoo! Finance]
CHINA CONSTR BK UNSP/ADR (CICHY)
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Source: Yahoo! Finance
profit this week after responding to a government nudge to lower lending rates in order to stimulate weak loan demand amid a slowing economy and struggling property sector. Still, all five lenders announced interim dividends for the first time in more than a decade, in line with state-owned enterprises after the securities regulator last year called for a boost to investor returns as stock markets fluctuated. China since last year has rolled out a string of property stimulus measures and cut benchmark lending rates and mortgage rates to boost growth in the world's second-largest economy. The nation is verging on deflation and faces a prolonged property crisis, surging debt and weak consumer and business sentiment. Industrial and Commercial Bank of China Ltd (ICBC), the world's largest lender by assets, and China Construction Bank Corp (CCB) reported a 0.8% drop and 1.4% fall in second-quarter net profit respectively on Friday. Bank of China and the Bank of Communications (BoCo
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