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Chinese bank profits up by almost a third

Friday 26 August 2011 - by Will Henley

Two of China's largest banks, Industrial and Commercial Bank of China and Agricultural Bank of China, have exceeded market expectations with record profits in half-year results.

In total 10 of the country's banks reported higher than expected profits this week for the first half of 2011.

ICBC saw profits rise 29 per cent to ¥109.5bn (€11.9bn/$17.1bn) while Agbank's profits rose to ¥66.6bn (€7.2bn/$10.4bn).

The news came as the country's central bank opted to inject liquidity into the financial system for the sixth straight week.

The People's Bank of China auctioned some ¥3bn (€326m/$469m) of three-month bills at a yield of 3.2 per cent on Thursday.

The company results show that most banks saw year-on-year rises of more than 30 per cent, Shanghai Securities News reported on Friday. The report cited growth in banks' net interest incomes and intermediary businesses.

The ten banks are: China Construction Bank, Bank of China, Bank of Communications, China Minsheng Bank, Shanghai Pudong Development Bank, China Everbright Bank, Huaxia Bank, Shenzhen Development Bank, China Merchants Bank and Industrial Bank.

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