China’s largest banks are warning of a hit to profitability and asset quality this year as they comply with government orders to extend low-cost loans to companies affected by the coronavirus outbreak.
Profits last year for China’s big four state-owned commercial banks, which rank among the world’s largest lenders, came in above analyst expectations, results released over the past week showed.
But profit growth is expected to be eroded and bad debts are likely to stack up in 2020 as banks do their national duty to help battle the economic destruction caused by the pandemic.
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