China’s large state-owned banks reported earnings in-line with estimates:
- China Construction Bank (CCB) led profit growth, up 2.8% YoY, reporting a net income of CNY 83.1bn ($12.9bn). Impairment losses rose to CNY 52.3bn ($8.1bn). The lender reported an NPL ratio of 1.56%, unchanged from the end of the previous year and the group’s CET1 ratio stood at 14.01% as compared to 14.22% as at end-2020
- Industrial and Commercial Bank of China (ICBC) reported a net income of CNY 85.7bn ($13.3bn), up 1.5% YoY. Impairment losses increased to CNY 62.8bn ($9.7bn).The lender reported an NPL ratio of 1.58%, unchanged from the end of the previous year and the group’s CET1 ratio of 13.29% as compared to 13.18% end-2020
- Bank of China (BOC) reported a net income increase of 2.7% YoY to CNY 54bn ($8.4bn). The lender’s impairment losses fell 0.58% YoY to CNY 32.4bn ($5bn) and its NPL ratio stood at 1.3%, a 16bp decrease YoY. CET1 ratio came in at 11.12% vs. 11.28% end-2020
- Agricultural Bank of China reported that net income rose 2.6% YoY to CNY 65.9bn ($10.2bn). Credit impairment losses rose to CNY 50.2bn ($7.8bn). The lender reported an NPL ratio of 1.53%, a decrease of 4bp from the end of the previous year and the group’s CET1 ratio stood at 10.98% vs. 11.04% end-2020
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