China’s four largest banks all registered profit growth in 2020, outperforming the broader mainland market amid a historic coronavirus pandemic.
The four giant lenders beat the broader banking industry in China which posted a 2.7 percent drop in profits, according to the country’s banking regulator in its recent quarterly report.
All four posted profit growth amid a challenging year that saw China grow 6.4 percent in the fourth quarter and 2.3 percent for the year, according to official data.
Profits, NPL Up
China’s largest bank, ICBC, posted a 1.4 percent increase in net income to 317.7 billion yuan while its non-performing loan (NPL) ratio increased 0.27 percentage points to 2.29 percent, according to its annual results.
Net income at CCB increased 1.6 percent to 273.6 billion yuan with a 0.14 percentage point increase in its NPL ratio to 1.56 percent.
Agricultural Bank of China saw its net income rise 1.8 percent to 215.9 billion yuan and its NPL ratio stayed flat at 2.2 percent, compared to 2.23 percent last year.
Bank of China posted a 2.9 percent increase in net profit to 192.9 billion yuan with an NPL ratio of 1.46 percent, up from 2019’s 1.37 percent.
