(Bloomberg) -- China’s mega banks, led by Industrial & Commercial Bank of China Ltd., pledged financing support of at least 1.28 trillion yuan ($179 billion) to property developers as part of a push to ease turmoil in the nation’s real estate market. Most Read from BloombergTiantian Kullander, Co-Founder of Crypto Firm Amber, Dies at 30Adobe Sees Up to $9.2 Billion in E-Commerce: Black Friday UpdateBinance’s Zhao Flags Possible $1 Billion for Distressed AssetsItaly’s Populist Premier Is Getting
China's largest lenders have posted third-quarter profit rises of more than 4% as their diverse lending portfolios kept them above the fray of property market woes. But banks mostly logged shrinking net interest margins - a key gauge of bank profitability - in a sign that loan demand is weak as the world's second-largest economy slows. Industrial and Commercial Bank of China Ltd (ICBC), the world's largest commercial lender by assets, said net profit rose 6.8% year-on-year in the third quarter in a Friday filing.
BEIJING/SHANGHAI (Reuters) -Five of China's largest banks showed wounds from the ongoing property sector crisis, with bad debts linked to real estate surging in the first half of the year, even as they posted modest profits against the backdrop of an economic slowdown. The first-half results come after the world's second-largest economy narrowly avoided contracting in the second quarter as widespread COVID-19 lockdowns and the slumping property sector badly damaged consumer and business confidence. China Construction Bank Corp (CCB) and Bank of China Ltd (BoC) reported a 68% and 20% increase in bad real estate debt in the first half of this year on Tuesday in exchange filings.