Growth in bad loans slowed at Chinese banks in the second quarter as lenders stepped up writedowns and the economy of the country’s prosperous east coast showed signs of stabilising.
After years of fast profit rises driven by aggressive lending in support of China’s manufacturing and construction booms, the big four lenders are pulling in their horns as they brace for fallout from government efforts to rein in debt and cut rampant overcapacity in basic material sectors.
Industrial & Commercial Bank of China, the country’s largest lender by assets, yesterday reported net profit growth of 1 per cent for the second quarter, little changed from 0.6 per cent growth in the first quarter.
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