Major Chinese Lenders ICBC, AgBank, BoC, BoCom Post Quarterly Earnings; Report Rise In Revenues

 @AmruthaGayathri
on October 30 2013 8:33 AM
ICBC
An employee of Industrial and Commercial Bank of China (ICBC) walks past a logo at an ICBC branch in Beijing April 24, 2013. REUTERS/Kim Kyung-Hoon

Among the major Chinese banks that posted quarterly earnings on Wednesday were Agricultural Bank of China Ltd (SHA:601288), or AgBank, Industrial and Commercial Bank of China (SHA:601398), or ICBC, Bank of China Limited (HKG:3988), or BoC, and Bank of Communications Co., Ltd. (HKG:3328), or BoCom, all of which saw a rise in revenues.

ICBC, China’s biggest lender, posted an increase of 7.6 percent in net profit in the September quarter, but missed expectations after net profit rose to 67.2 billion yuan ($11.03 billion) from 62.44 billion yuan in the corresponding period in 2012, Reuters reported. Analysts in a Reuters poll had expected net profit to rise to 68.76 billion yuan.

AgBank, China’s third-largest lender, recorded a 15 percent annual rise in profits in the September quarter, with net income reaching 45.6 billion yuan ($7.5 billion) from 39.6 billion yuan in the corresponding quarter in 2012, Bloomberg reported.

Net income of BoC, China's fourth-largest bank rose to 39.5 billion yuan, beating predictions of analysts, who had expected income to rise to 38.9 billion yuan.

BoCom, the fifth-largest bank in China, posted a 3.4 percent rise in earnings to reach 13.9 billion yuan, but missed an estimate of 15 billion yuan published in a Bloomberg poll.

Share this article