Four horsemen

7 May 2020 By Pete Sweeney Follow @petesweeneypro

ICBC and its hulking peers grew their bottom lines even as GDP plunged. They’re paying dividends, and some even reduced loan loss buffers. Such rude health suggests they haven’t extended sufficient credit to private businesses in need, which may capture Beijing’s attention.

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Industrial and Commercial Bank of China on April 28 reported a 3% rise in first-quarter net profit compared to a year earlier, while Bank of Communications reported a 1.8% rise. At Agricultural Bank of China and China Construction Bank, first quarter net profit rose 4.8% and 5%, respectively. Bank of China posted a 3.2% rise on April 29.

The banking sector's collective non-performing loan ratio climbed in the first quarter to 2.04%, the banking and insurance regulator said, the highest level since the global financial crisis.

New bank lending in China rose sharply to 2.9 trillion yuan ($405 billion) in March, three times higher than February's figure.

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