, China

Here's how China banks fared in 1Q13

Gap between big banks and JSBs narrowed.

According to Barclays, the gap between big banks (BBs) and joint stock banks (JSBs) has narrowed – JSBs’ average profit growth decelerated to 13% y/y (vs 32% for 1Q12), barely in line with the BB’s average of 11% y/y (vs 15% for % 1Q12).

"We believe decent average earnings growth was supported by: 1) strong fee income (avg. +26% y/y); 2) steady interest income (avg. +10% y/y) and low credit cost (avg. 59bps). "

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