China’s biggest state-owned banks warned of a tough 2023 as uncertain economic conditions may squeeze earnings after most delivered better-than-estimated profit growth for last year.
China’s tightly controlled $54 trillion banking industry was pushed to extend more credit in 2022 to help cushion the economy from a slowdown triggered by the nation’s strict pursuit of Covid zero, which helped lift profits last year even as margins narrowed.
Source : China’s Big Banks Anticipate Tough Year Despite Profit Increases
