WRAPUP-Profits of China's Big Five banks hold up despite lending rate squeeze [Reuters (UK)]
CHINA CONSTR BK UNSP/ADR (CICHY)
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Source: Reuters
Profits of China's Big Five banks hold up despite lending rate squeeze - Reuters 4 Min Read BEIJING/SHANGHAI (Reuters) - China’s Big Five banks have posted stable to stronger profit growth for the third quarter, thus far defying top bankers’ expectations of a difficult second half after a government push to cut lending rates. The country’s central bank unveiled a key interest rate reform in August to help steer borrowing costs lower for companies and support a slowing economy that has been hurt by a trade war with the United States. But the overhaul of the loan prime rate (LPR), which banks must reference when setting interest rates on new loans, threatens lenders’ margins and may weigh in the fourth quarter. The Bank of China Ltd (BoC) ( 3988.HK ) ( 601988.SS ) posted a 3.04% year-on-year rise in net profit for the third quarter on Wednesday, while China Construction Bank Corp (CCB) ( 0939.HK ) ( 601939.SS ) recorded an estimate-beating 6.07% increase. The results are in line
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