ICBC records rise in profits, overdue loans

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As with most financial and economic information regarding China, the true details are hidden below the surface.This is particularly the case with the Chinese banking system. Latest figures for the Industrial & Commercial Bank of China Ltd show a modest net profit rise for the first half of the year, up 13% from a year ago. At the same time though, the ratio of its overdue loans have increased by 7% since the end of last year, highlighting the rising credit risk facing China’s major banks.With banks competing for higher deposit ratios, a series of wealth management products with high annual yields were introduced over a year ago.However those products consisted of package loans that are now in many cases “under-performing”.Bloomberg report today that overdue loans across China’s five biggest banks have risen for the 6th quarter.For more news and videos visit ☛ http://ntdtv.orgFollow us on Twitter ☛ http://twitter.com/NTDTelevisionAdd us on Facebook ☛ http://on.fb.me/s5KV2C

ICBC records rise in profits, overdue loans official