Banking on brighter prospects
By Jiang Xueqing | China Daily | Updated: 2014-04-03 08:20
Country's 'Big Four' banks are set to see a dipin profit growth amid an economic slowdown, Jiang Xueqing reports
China's major banks recorded slower profit growth in 2013 as they tightened control over lending to struggling industries, real estate markets and local government financing vehicles amid an economic downturn.
On Monday, China Construction Bank Corp, the nation's second-largest bank by assets, announced that its net profit rose 11.1 percent to 215.12 billion yuan ($34.6 billion) last year, the second-slowest pace since the bank was listed on the Hong Kong Stock Exchange in 2005.
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