China banks' profit is better than expected.China Construction Bank, the nation’s No. 2 lender by market value, had second-quarter net income of 29.55 billion yuan ($4.33 billion), according to calculations by Bloomberg derived by subtracting first-quarter results from first-half numbers reported yesterday. That compares to the 27.2 billion yuan average estimate of eight analysts surveyed by Bloomberg.
ICBC, the world’s largest bank by market value, on Aug. 20 posted second-quarter profit that beat analyst estimates on credit growth and lower provisions for bad loans. Bank of Communications Ltd., China’s fourth-largest publicly traded lender, reported second-quarter profit on Aug. 19 that beat analyst estimates as outstanding loans jumped 31 percent.
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