Bank of China and Agricultural Bank of China both reported rises in net profit of nearly 30 per cent in the third quarter in spite of government attempts to slow new lending and rein in asset prices.
Bank of China reported a 29 per cent increase in net profit to a record Rmb27.2bn ($4.1bn) in the third quarter from the same period a year earlier, while Agricultural Bank of China’s net profit rose 29.5 per cent from a year earlier to Rmb24.3bn.
The banks are the first of China’s state-controlled lenders to report profits for what is expected to have been a bumper quarter for most of their competitors as well.
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