China’s big banks are all majority-owned by the state, their top executives are mostly former central bankers appointed by the Communist party and their profits are all generated using the same business model.
But even for such a homogeneous industry, their first-half profit results looked eerily similar.
Industrial and Commercial Bank of China, China Construction Bank (the world’s largest and second largest banks by market value) and Bank of China (China’s fourth-largest lender by assets) all reported net profit inc- reases of 27 per cent in the first half of the year from the same period last year.
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