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at MarketWatch.com (Oct 30, 2013)
Mon, Mar. 31, 12:47 PM
- Industrial & Commercial Bank of China, China Construction Bank (CICHY, CICHF), Agricultural Bank of China (ACGBY, ACGBF), Bank of China (BACHF, BACHY), and Bank of Communications (BKFCF, BCMXY) together shed nearly ¥64B ($10.5B) of bad loans last year, two and one-half times the amount in 2012, and the pace isn't expected to slow in 2014. A number of high-profile defaults in recent weeks remind of the slowing economy and deteriorating financial health in a number of key sectors.
- Still, four of the five posted double-digit profit growth last year (the other grew profit at 7%), giving the lenders room to take write-offs.
- "Industries with overcapacity problems were and will be the main sources of nonperforming loans," says S&P analyst Liao Qiang. "These industries including the steel sector will witness a large increase in bad loans in the next two to three years."
- The Global X China Financials ETF (CHIX) is off 9% YTD.
Oct. 30, 2011, 3:45 AMChina yesterday appointed the chairmen of China Construction Bank (CICHY.PK) and the Agricultural Bank of China (ACGBF.PK) to run the securities agency and insurance commission respectively. The outgoing securities chief, who was at AgBank previously, is off to run the banking regulator. Anybody say "revolving door?" | Comment!
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ACGBF vs. ETF Alternatives
The predecessor of Agricultural Bank of China is Agricultural Cooperative Bank established in 1951. Since the late 1970s, the Bank has evolved from a state-owned specialized bank to a wholly state-owned commercial bank and subsequently a state-controlled commercial bank. The Bank was... More
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