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Banking leaders post profits declines

(Global Times)

08:21, May 03, 2012

China's banking giants saw a sharp decline in their profit growth rates in the first quarter, according to their recently released earnings reports.

Specifically, Bank of China's year-on-year profit growth rate stood at 9.82 percent in the first quarter, down from 28.03 percent in the first three months of 2011. China Construction Bank saw its profit growth rate slip to 9.26 percent in the first quarter, falling from 34.23 percent during the same period last year. The slowdown in profit growth was largely due to a decrease in revenues contributed by the narrowing spread between deposit and lending rates.

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