{"id":123534,"date":"2011-08-25T18:23:32","date_gmt":"2011-08-26T01:23:32","guid":{"rendered":"http:\/\/chinadigitaltimes.net\/?p=123534"},"modified":"2011-08-25T18:23:32","modified_gmt":"2011-08-26T01:23:32","slug":"china-banks-post-record-profits-as-rivals-stumble","status":"publish","type":"post","link":"https:\/\/chinadigitaltimes.net\/2011\/08\/china-banks-post-record-profits-as-rivals-stumble\/","title":{"rendered":"China Banks Post Record Profits as Rivals Stumble"},"content":{"rendered":"<p><strong><a href=\"http:\/\/www.bloomberg.com\/news\/2011-08-25\/china-s-biggest-banks-post-record-profits-as-bofa-rbs-stumble.html\">Bloomberg reports that China&#8217;s largest banks posted impressive profits while their European and American counterparts posted losses<\/a><\/strong>:<\/p>\n<blockquote><p><a title=\"Get Quote\" href=\"http:\/\/www.bloomberg.com\/apps\/quote?ticker=601398:CH\">Industrial &amp; Commercial Bank of China (601398)<\/a> Ltd. posted a 29 percent increase in net income yesterday to a record $17 billion, pushing combined profits of the nation\u2019s biggest banks to $57 billion.<a title=\"Get Quote\" href=\"http:\/\/www.bloomberg.com\/apps\/quote?ticker=BAC:US\">Bank of America Corp. (BAC)<\/a> and Edinburgh-based Royal Bank of Scotland Group Plc posted losses as the U.S. economic recovery weakened and\u00a0<a href=\"http:\/\/topics.bloomberg.com\/europe\/\">Europe<\/a>\u2019s debt crisis deepened.<\/p>\n<p>China\u2019s banks have increased profits as the world\u2019s second- largest economy sustained growth of more than 9 percent, helped by a record credit boom that powered its rebound from the global recession. The earnings reports and a drop in bad debts may boost investor confidence after bank shares fell this year on concern that $1.7 trillion of local government liabilities may lead to a wave of defaults.<\/p>\n<p>\u201cShares of Chinese lenders are in a better position to rebound than U.S. banks,\u201d Ronald Wan, a Hong Kong-based managing director at China Merchants Securities (Hong Kong) Co., said by phone. \u201cIn the second half, the market will still be concerned about asset quality and fund-raising issues\u201d for banks globally.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg reports that China&#8217;s largest banks posted impressive profits while their European and American counterparts posted losses: Industrial &amp; Commercial Bank of China (601398) Ltd. posted a 29 percent increase in net income yesterday to a record $17 billion, pushing combined profits of the nation\u2019s biggest banks to $57 billion.Bank of America Corp. (BAC) and [&hellip;]<\/p>\n","protected":false},"author":987,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[116,2],"tags":[14759,3528,6060],"class_list":["post-123534","post","type-post","status-publish","format-standard","hentry","category-world","category-economy","tag-chinese-banks","tag-credit-rating","tag-us-banks","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.9 (Yoast SEO v23.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China Banks Post Record Profits as Rivals Stumble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/chinadigitaltimes.net\/2011\/08\/china-banks-post-record-profits-as-rivals-stumble\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China Banks Post Record Profits as Rivals Stumble\" \/>\n<meta property=\"og:description\" content=\"Bloomberg reports that China&#8217;s largest banks posted impressive profits while their European and American counterparts posted losses: Industrial &amp; Commercial Bank of China (601398) Ltd. posted a 29 percent increase in net income yesterday to a record $17 billion, pushing combined profits of the nation\u2019s biggest banks to $57 billion.Bank of America Corp. 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