Profits at China’s biggest banks shrank in 2015, as the sector weathered a year of central bank rate cuts and saw an end to easy profits after the government lifted the cap on interest rates on deposits.
Yesterday, Industrial and Commercial Bank of China and Bank of China — two of the Big Four state-owned banks — both reported that full-year net profits had risen by less than 2 per cent in 2015.
China’s commercial banks are the control centre of the financial system and supply almost 70% of the financing that feeds the real economy.
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