China’s Number Two Lender Reports Slow Growth

China Construction Bank, the country’s No.2 lender, reported its slowest third-quarter earnings growth in more than five years on Sunday, as increased loan-loss provisions eroded profits.

Net profit rose 9.4 percent to 56.8 billion yuan ($9.3 billion) in July-September from 51.91 billion yuan a year earlier, according to Reuters calculations based on CCB’s announcement. That compares with an average estimate of 57.69 billion yuan in a Reuters poll of four analysts.

The Q3 growth rate for CCB, the first of China’s Big four banks to report third-quarter results, marked a slowdown from 12.9 percent growth in January-June.

CNBC

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