Income rise buoys bank valuations

SHANGHAI - China's largest banks posted double-digit increases in lending income in the July-September quarter, validating some of the earnings optimism that has fueled a rally in their shares this year.

Industrial & Commercial Bank of China Ltd, Bank of China Ltd and Agricultural Bank of China Ltd reported average net interest income gains of 15 percent on Oct 30.

The figures come after China Construction Bank Corp reported a 10 percent rise last fortnight.