Space Industry and Business News  
TRADE WARS
Chinese bank profits rise, but so do bad loans
by Staff Writers
Shanghai (AFP) April 30, 2019

Profit at China's biggest banks accelerated in the first quarter in line with a better-than-expected performance in the domestic economy, but rising bad loans may pressure authorities to ease up on pump-priming measures.

Industrial & Commercial Bank of China (ICBC) -- the world's largest bank by assets and several other yardsticks -- posted a net profit of 82.0 billion yuan in the January-March period, up 4.1 percent.

China Construction Bank logged a 4.2 percent rise to 76.9 billion yuan, while the remainder of the "Big Four" banks -- Bank of China and Agricultural Bank of China -- saw similar percentage increases.

With the economy slowing and China's stock markets among the world's worst in 2018, the government embarked on a massive stimulus programme in the first quarter, at least partly to buffer the country from its trade war with the United States.

Markets have since rebounded and the economy beat expectations with 6.4 percent first-quarter growth.

But various recent government statements have been interpreted as signs that the flow of credit will be more closely scrutinised to prevent overheating, causing the benchmark Shanghai Composite Index to drop more than five percent since closing at 2019 high of 3,270.80 on April 19.

The official caution could intensify due to rising bad loans.

ICBC's non-performing loans rose 5.2 billion yuan in the quarter, which Bloomberg News said was the largest quarterly increase in nearly three years, while bad loans at China Construction Bank rose by 6.6 billion yuan, the highest since 2016.

"The level of bad loans that we are seeing in Chinese banks, that's coming through and hitting their income statements every year and forcing them to set aside more provisions, is really quite elevated," David Marshall, a senior analyst with CreditSights told Bloomberg Television.

"The good thing is that the economy seems to be stabilising this year thanks to the government stimulus measures," he said, though he adds credit growth "could tail off" in the second half.

Bank of China said its quarterly profit rose 4.0 percent to 51 billion yuan and Agricultural Bank of China's gained 4.3 percent to 61.3 billion yuan.


Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


TRADE WARS
Caterpillar has Q1 bump in sales, revenues; decline in China seen
New York (AFP) April 24, 2019
Caterpillar, the US construction and mining equipment maker, on Wednesday reported higher first-quarter sales and revenues, driven by healthy demand for the company's gear and services. However, the company, a Dow member and bellwether for the global economy, faces declining market share in China as competitors lower their prices, a top executive told Bloomberg. Sales rose five percent year-on-year to $13.5 billion in the first quarter of 2019, with per-share profits rising to a record $3.25, up ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
China plastic waste ban throws global recycling into chaos

Plastic's carbon footprint

Modified 'white graphene' for eco-friendly energy

Shrinking the carbon footprint of a chemical in everyday objects

TRADE WARS
SLAC develops novel compact antenna for communicating where radios fail

US Army selects Hughes for cooperative effort to upgrades NextGen Friendly Forces System

United Launch Alliance launches WGS-10 satellite for USAF

United Launch Alliance set to launch WGS-10 for US Air Force

TRADE WARS
TRADE WARS
Industry collaboration on avionics paves the way for GAINS navigation demonstration flights

Record-Breaking Satellite Advances NASA's Exploration of High-Altitude GPS

China, Arab states eye closer cooperation on satellite navigation to build "Space Silk Road"

Second GPS III satellite arrives at Cape Canaveral ahead of July launch

TRADE WARS
State Department approves new deal with Taiwan for F-16s

Lockheed signs long-term contracts with F-35 suppliers

Japan, US struggle to find crashed jet and its 'secrets'

F-35As deployed to Middle East for first time

TRADE WARS
Nanocomponent is a quantum leap for Danish physicists

Semiconductor scientists discover effect that was thought impossible

Neuron and synapse-mimetic spintronics devices developed

Infinite number of quantum particles gives clues to big-picture behavior at large scale

TRADE WARS
DLR and the UStuttgart test transmission of EO data using laser communications

UNH researchers find unusual phenomenon in clouds triggers lightning flash

NASA Invites You to 'Picture Earth' for Earth Day

Sun, moon and sea as part of a 'seismic probe'

TRADE WARS
USAID launches latest clean-up for Vietnam War-era Agent Orange site

Philippines' Duterte in war of words over Canada garbage row

Seals, caviar and oil: Caspian Sea faces pollution threat

Notre-Dame paintings removed amid lead pollution fears









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.