China’s mega banks lost billions of dollars in profit as bad loans rise during coronavirus pandemic

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Chinese banks, among the world’s largest by assets, have been placed at the front line of government effort to soften the economic blow on households and businesses.

As a result, the five largest Chinese banks posted at least 10% year-on-year declines in profit for the first half of 2020 as they set aside more funds for potential loan losses in the coming months.

The five lenders — Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China and Bank of Communications — released their latest financial report cards last week.


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