China’s mega banks lost billions of dollars in profit as bad loans rise during coronavirus pandemic

https://www.cnbc.com/2020/08/31/profit-declines-for-chinas-big-banks-in-first-half-of-2020-due-to-bad-loans-during-coronavirus.html 

 

Chinese banks, among the world’s largest by assets, have been placed at the front line of government effort to soften the economic blow on households and businesses.

As a result, the five largest Chinese banks posted at least 10% year-on-year declines in profit for the first half of 2020 as they set aside more funds for potential loan losses in the coming months.

The five lenders — Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China and Bank of Communications — released their latest financial report cards last week.