China’s big banks have become the Marmite of the investing world – investors either love them or hate them. The banks’ critics regard them as policy arms of the state with questionable bad-loan accounting. Yet they have produced forecast-beating first-half profits. They also feel they are producing strong, good quality profits and returns. The chairman of ICBC, the biggest of them all, said last week he thought detractors were “a little bit unfair”.
中國大型銀行成了投資世界裏的酵母醬(Marmite)——喜歡的人喜歡得要命,不喜歡的人恨之入骨。中國大型銀行股的唱衰者認爲,這些銀行是政府的政策工具,在不良貸款方面賬目可疑。然而,中國大型銀行上半年的利潤超出了預期。這些銀行還認爲,自己正在創造高水準、高質量的利潤和回報。中國工商銀行(ICBC)是這些銀行中規模最大的。該行董事長上週表示,唱衰中國內地銀行股有欠公平。
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