The five largest Chinese banks posted at least 10 percent profit declines for the first half of the year.
- Gordon G. Chang
- The National Interest
These poor results, the result of increased provisions for bad loans, were the biggest profit drops in at least a decade.
As a CNBC headline put it, “China’s Mega Banks Lost Billions of Dollars in Profit as Bad Loans Rise During Coronavirus Pandemic.”
The profit drops are a…