(Yicai Global) March 11 — China’s four largest banks, including the Industrial and Commercial Bank of China and the China Construction Bank, reported stable or improving operations this year despite the stock market rout.
The group that also owns the Agricultural Bank of China and the Bank of China each issued statements yesterday to say business is good, although neither released any figures for 2022.
Stocks of Chinese lenders have not been excluded from the 2022 stock market downturn. But they are not the biggest losers. The CSI Banks Index is down 2.4% this year, while the SSE Composite Index is down 11.2%.
ICBC said it actively adapted to changes in the environment during the first two months of this year. The lender has made progress while ensuring stable operations, he said. ICBC recorded above-normal growth in its deposit and lending business.
ABC had adjusted its credit structure according to the national strategy. It maintained good loan growth, strengthened risk management and recorded better than usual performance in its core business, the Beijing-based lender said.
The CCB announced that it has improved its financial services in key areas such as inclusive finance, green development, technological innovation and high-end manufacturing. It has made progress in key operational indicators while maintaining stability, he added.
From January to February, BOC adapted to changes in the environment. The lender has made progress while providing stability and has started 2022 well, he added.
Trading in shares of the four financial institutions was tepid in the morning. ICBC [SHA: 601398] opened 0.2% lower at 4.55 CNY (70 US cents). BCC [SHA: 601939] slipped 0.3% to CNY5.97. ABC Stocks [SHA: 601288] and BDC [SHA: 601988] were flat.
Editor: Emmi Laine, Xiao Yi