Energy News  
TRADE WARS
China's big banks escape profit doldrums
by Staff Writers
Shanghai (AFP) March 27, 2018

Two of China's big state-owned banks said Tuesday their profits rebounded in 2017 after a pair of moribund years thanks to an accelerating domestic economy, and analysts expect further gains as a government credit clampdown favours big lenders.

The Industrial and Commercial Bank of China (ICBC), the world's biggest lender in terms of total assets, said full-year profit grew 2.8 percent to 286.05 billion yuan ($45 billion).

Agricultural Bank of China (ABC) said its net income grew 4.9 percent to 182.97 billion yuan.

Their earnings were reported in filings to the Hong Kong stock exchange, where both have shares listed.

The remaining half of the "Big Four" Chinese banks -- Bank of China and China Construction Bank -- are expected to also release positive earnings news later in the week.

China's economy grew a forecast-beating 6.9 percent in 2017, picking up steam for the first time since 2010.

Analysts said the big banks also are benefiting from the Chinese government's campaign to clean up bad loans and risky lending in its often chaotic and murky financial system.

The crackdown is seen as hitting smaller lenders and wealth management companies hardest, driving them to seek loans from the established banks in order to clean up their balance sheets.

China's banking regulator is also believed to have recently lowered bad-loan provisions for banks, according to a Bloomberg News report, which frees up more cash for lending.

"China's banks have shaken off the doldrums," Richard Cao, a Shenzhen-based analyst at Guotai Junan Securities Co, was quoted by Bloomberg as saying.

"Their earnings growth will accelerate for the next two to three years."

The big banks' profit growth was largely flat in the preceding two years as concerns grew over rising bad loans.

But both ICBC and ABC reported lower non-performing loans (NPLs) for 2017.

ICBC's ratio of NPLs shrank to 1.55 percent as of end-December 2017, compared to 1.62 percent the previous year.

ABC's ratio dropped to 1.81 over the same period, from 2.37 a year earlier.

ICBC, which is dual-listed in Hong Kong and Shanghai, reported its earnings after markets closed on Tuesday.

ABC announced before trading began and its Hong Kong-listed shares closed 2.73 percent higher at HK$4.52, while its Shanghai shares gained 0.52 percent to end at 3.84 yuan.

dma/amz

CHINA CONSTRUCTION BANK

ICBC

BANK OF CHINA


Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


TRADE WARS
US and China: an uneasy economic partnership
Washington (AFP) March 22, 2018
China and the United States have been closely linked trading partners since the Asian giant joined the global system nearly 20 years ago. But Washington accuses Beijing of a host of unfair trade practices, including the "theft" US technology. In his latest strike against the trade behemoth, President Donald Trump on Thursday hit the country with tariffs on as much as $60 billion in Chinese goods, saying the move was the "first of many" upcoming actions. - The yawning trade gap - The t ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
Lights out for world landmarks in nod to nature

Puerto Rico power grid snaps, nearly 1 million in the dark

Grids from Turkmenistan, Afghanistan and Pakistan could be connected

Coal phase-out: Announcing CO2-pricing triggers divestment

TRADE WARS
Superconductivity in an alloy with quasicrystal structure

Mapping battery materials with atomic precision

New valve technology promises cheaper, greener engines

Thermally driven spin current in DNA

TRADE WARS
BP sees onshore wind as the cheapest future source of electricity

Wind industry continues commitment to communities with new research report

German green energy segment Innogy divvied up

First UK wind farm transfers from commercial to community ownership

TRADE WARS
Wartsila delivers world's largest solar hybrid power plant

NAREI Institute buildings in Guyana as of now powered by clean energy

Lockheed delivers energy storage systems to Cypress Creek Renewables

Potassium gives perovskite-based solar cells an efficiency boost

TRADE WARS
Pipe-crawling robot will help decommission DOE nuclear facility

UAE says its first nuclear reactor complete

Business expansion of the Fuel business unit with technology transfer project in Kazakhstan

Swiss reopen world's oldest nuclear plant after repairs

TRADE WARS
Wood pellets: Renewable, but not carbon neutral

Insects could help us find new yeasts for big business

Cow and elephant dung can be turned into paper, study shows

Modified biomaterials self-assemble on temperature cues

TRADE WARS
China fuel demand boosts Sinopec profit, record dividend planned

UK emissions dropped by 6 percent by switching from coal to natural gas

Mobile 'dual-comb' device significantly improves methane leak detection

Laser-based system offers continuous monitoring of leaks from oil and gas operations

TRADE WARS
Dead tress across Mongolian lava field offer clues to past droughts

Cilmatologists render drought predictions that help avert famine

Warming could threaten half of species in 33 key areas: report

Climate protest prompts partial evacuation at Louvre









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.