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Big Five banks say China’s recovery ‘not yet solid’


China's Big Five lenders have warned that the foundations of the country’s recovery were “not yet solid”. The warning came amidst the above 3.5% annual net profit growth they have posted this week. China’s Bank of Communications (BoCom) and Bank of China (BoC) both posted just over 5% annual net profit growth. The Agricultural Bank of China (AgBank) and China Construction Bank (CCB) both posted over 7% annual net profit growth. Industrial and Commercial Bank of China (ICBC) came in at 3.5% annual net profit growth. Despite the healthy results, all five warned of global banking turmoil and domestic risks. While all five lenders posted steady or falling non-performing loan ratios, they also logged shrinking net interest margins (NIM), a key gauge of bank profitability.

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