China Construction Bank<\/a>, the other state-owned bank listed on the Hong Kong and Shanghai stock markets, said profit in the first quarter reached Rmb32.1bn. It did not report first-quarter earnings last year and did not provide a comparison. All three banks benefited from a reduction in the country\u2019s corporate tax rate from 33 per cent to 25 per cent that came into effect on January 1.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"From the Financial Times: China\u2019s three largest banks reported huge profit jumps in the first quarter in what may mark a peak in earnings this year as government measures to curb loan growth and tackle inflation start to bite. Industrial and Commercial Bank of China, the country\u2019s largest lender, lifted net profit by 77 per […]<\/p>\n","protected":false},"author":31,"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":[2],"tags":[5897,2356,3178,388],"class_list":["post-19733","post","type-post","status-publish","format-standard","hentry","category-economy","tag-bank-of-china","tag-china-construction-bank","tag-icbc","tag-stock-market","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\n
Chinese Banks Report Leap in Profits<\/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\/2008\/04\/chinese-banks-report-leap-in-profits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chinese Banks Report Leap in Profits\" \/>\n<meta property=\"og:description\" content=\"From the Financial Times: China\u2019s three largest banks reported huge profit jumps in the first quarter in what may mark a peak in earnings this year as government measures to curb loan growth and tackle inflation start to bite. 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