China’s big banks up provisions for COVID-19 risks * Bad loans rise at all five banks * Net interest margins fall at four of five banks (Recasts, adds comments from bank officials) BEIJING/SHANGHAI, … (…
FINANCE
Credit Suisse Plans to Double China Headcount in Five Years
Credit Suisse Group AG plans to double its headcount in China over five years as the firm accelerates its pursuit of the nation’s wealthy, seeking to move past a scandal that’s engulfed once-favored … (…
China’s Yuan Strengthens as Trade and Economic Concerns Fade
China’s yuan has rallied to its strongest levels in more than a year, as the country’s economy continues to recover and investors grow less concerned about fresh U.S. tariffs. ( read original story …)
Pintec wins ‘Best Consumer Finance Product in China’ award from The Asian Banker
PRNewswire/ — Pintec Technology Holdings Ltd. (‘Pintec’; NASDAQ: PT), a leading independent fintech solutions provider, … ( read original story …)
China’s mega banks lost billions of dollars in profit as bad loans rise during coronavirus pandemic
The five largest Chinese banks posted at least 10% year-on-year fall in profits in the first half of 2020 as they set aside more funds for potential loan losses in the coming months. ( read…
Impairments hit China Construction Bank profit
China Construction Bank Corp.’s first-half net profit fell 11% compared with the same period a year earlier as impairment losses surged amid the … ( read original story …)
Bad Debt Wave Drags China’s Big Banks to Worst Profit Drop
China’s biggest banks posted their worst profit declines in more than a decade, putting pressure on their dividend plans, as bad debt ballooned and the government drew them into efforts to backstop a … (…
China’s Slower Factory Growth Eclipsed by Robust Services in Boost to Economic Recovery
China’s factory activity grew at a slower pace in August as floods across southwestern China disrupts production, but the services sector expanded at a solid rate in a boost to the economy as it ……
China’s Mega Banks Post Worst Profit Slump on Bad Debt Wave
China’s biggest banks suffered their worst profit decline in more than a decade as a cascade of loans to businesses across China are going bad.Reporting their first-half earnings on Sunday, Industrial … ( read original…
TikTok Sale May Need Beijing’s OK: Report
The U.S. companies looking to snap up TikTok may have another time bomb to worry about: new Chinese regulations. That’s because Beijing has written new rules on technology exports that could mean … ( read…
China Construction Bank posts worst earnings in more than a decade on bad loan surge
The world’s second-largest lender by assets produces its worst half-year earnings in more than a decade amid a surge in non-performing loans as the coronavirus pandemic ravages businesses. ( read original story …)
Bad Debt Wave Drags China’s Big Banks to Their Worst Profit Drop
China’s biggest banks posted their worst profit declines in more than a decade as bad debt ballooned and the government called on them to help backstop the slumping economy, putting pressure on plans … (…
China’s top bank ICBC posts 11.4% fall in first-half profit, worst since 2006
Industrial and Commercial Bank of China (ICBC),, the world’s largest commercial lender by assets, said its net profit fell 11.4% in the first half, the biggest drop in the January-June profit since … ( read…
