Chinese banks may be stuck with record low valuations

Shares of China’s biggest banks fell an average 23% this year.

According to a Bloomberg report, Industrial & Commercial Bank of China and its rivals may have its combined net income increase by 22% to CNY 164b in the third quarter.

However, Bloomberg noted that the economic slowdown, property market slump, and Europe’s debt crisis dragged valuations to a record low at the end of last month. Consequently, shares of Chinese banks dropped by 23% this year.

View the full report here.