Bank of China Q3 profit rises 2% to CNY41.8bn
The Bank of China reported a 2% increase in Q3 profits on Wednesday, with a net profit of CNY41.8bn ($6.2bn), up from CNY40.8bn last year. As a whole, however, the banks sector in China is struggling due to shrinking lending margins and concerns over bad debts. Analysts noted that corporate and mortgage lending rose in September, with medium to long-term lending up by 74% on last year., but with a number of cities bringing in restrictions to cool the housing market, it may be too early to tell whether this growth is set to continue.

Quarterly profit result from BOC reflects the first of the reporting season by China’s big banks