Top executives of China’s leading state-owned banks dampened hopes of a quick recovery, saying they expect their second-half net profits to continue to be weighed down by mounting sour loans despite the economy making a steady recovery from the coronavirus pandemic.

maiden decline in profitability since the global financial crisis, which was due primarily to higher provisioning for bad loans. This is despite China’s gross domestic product rebounding 3.2 per cent in the second quarter, from the 6.8 per cent contraction seen in the first quarter.” data-reactid=”29″The mainland’s five leading commercial banks reported their maiden decline in profitability since the global financial crisis, which was due primarily to higher provisioning for bad loans. This is despite China’s gross domestic product rebounding 3.2 per cent in the second quarter, from the 6.8 per cent contraction seen in the first quarter.

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