BEIJING, April 29 (Xinhua) -- The largest five state-owned banks of China by assets stepped up loan issuance and bond investment to actively support the real economy amid the epidemic outbreak, and maintained a high growth rate of assets in the first quarter, showed their HKEX statements released on Tuesday.
According to the financial results, Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), China Construction Bank (CCB), Bank of Communications (BOCOM) and Postal Savings Bank of China (PSBC) respectively posted net profits of 84.494 billion yuan, 64.187 billion yuan, 80.855 billion yuan, 21.451 billion yuan and 20.094 billion yuan in the first quarter.
The total assets of the five banks all grew by more than 5 percent compared with the end of last year, and all increased on a yearly basis. Among them, assets growth rates of ICBC and CCB exceeded 6 percent.
In the first quarter, ICBC, ABC, CCB, BOCOM and PSBC achieved operating revenue of 206.19 billion yuan, 186.92 billion yuan, 209.40 billion yuan, 65 billion yuan and 72.25 billion yuan, respectively.
Among them, CCB's revenue growth ranked the first among the five major banks, reaching 11.94 percent, which was mainly contributed by the increase in insurance revenue.
In the first quarter, ABC maintained a high growth rate in net income from interests and commission fees. ABC's revenue from the two categories above grew 8.85 percent and 6.61 percent, respectively. The bank has kept its business operation basically stable in the first quarter, with 97.54 percent of outlets open as of March 31, its statement said.
As the reform of loan of prime rate (LPR) proceeds, the big banks are faced with the phenomenon of narrowing interest margins.
BOCOM's net interest margin was 1.55 percent in the first quarter, down 4 basis points from the same period last year. ICBC's net interest margin was 2.2 percent, down 4 basis points from last year.
The financial results showed all the top five banks accelerated the expansion of assets. Among them, the total assets of BOCOM topped 10 trillion yuan to reach 10.45 trillion yuan, with the total assets increasing by 5.54 percent compared with that at the end of last year. (Edited by Yang Qi with Xinhua Silk Road, kateqiyang@xinhua.org)
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