China Banks Witness Profit Surge – BBC News

_44074952_yuancount_ap.jpg From BBC News:

Half-year profits at two of China’s biggest banks have surged on the back of higher lending and rising fees. Industrial & Commercial Bank of China (ICBC) , China’s biggest bank, said net profits for the six months to June rose 62% to 41.04bn yuan ($5.4bn; ¬£2.7bn)

Meanwhile, Bank of China revealed net income rose 52% from the same period last year to 29.5bn yuan. Higher lending and a rise in fee-based income drove the increase, the country’s fourth-biggest lender said. [Full Text]

[Image: Rising interest rates have allowed banks to up their charges, from BBC News.]

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