Some of China’s largest banks are set to post their first drop in first-half profits since the global financial crisis, hit by a surge in bad debt and higher loan-loss provisions due to the coronavirus pandemic, analysts and official data indicate. “The pandemic has hit small businesses hard … the balance sheets won’t be pretty.” Chinese commercial banks overall posted a 9.4% fall in first half net profit, while the six biggest posted a 12% profit fall from a year ago, according to China Banking and Insurance Regulatory Commission (CBIRC) data. …read more
Source:: Yahoo Finance
