Two of China's largest banks yesterday revealed a rise in quarterly net profits on the back of an unprecedented government-directed expansion of new loans.
Industrial and Commercial Bank of China, the world's largest bank by market capitalisation, said net profits in the third quarter rose 19 per cent to Rmb33.6bn ($4.9bn) compared with the same period last year.
Bank of China, the country's third-largest lender, recorded a 19 per cent rise in net profits to Rmb21.1bn over the same period.
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