Lenders may report lower Q1 numbers

Chinese banks are likely to report lower first quarter earnings this year despite brisk credit growth, largely due to the narrowing spreads from the recent rate cuts, according to analysts.

Bank earnings for the first three months are likely to fall by around 10 percent from a year earlier, they said.

There could, however, be exceptions. Minsheng Bank, a mid-sized commercial bank, posted 1.7 percent first quarter net profit growth yesterday.