China’s big banks to report record profits as bad-debt ratios shrank

Industrial & Commercial Bank of China’s net income surged 28% to 54.4 billion yuan.

Bloomberg noted that net income at ICBC rose 28 percent from a year earlier to 54.4 billion yuan ($8.5 billion), the Beijing-based bank said in a statement. Bank of Communications Co., China’s fifth-largest lender by assets, posted a 31 percent gain to 12 billion yuan, the Shanghai-based bank said.

According to Bloomberg, profits of China’s five biggest banks surpassed that of the four largest U.S. banks including JPMorgan Chase & Co.

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