Chinese banks’ net profits to grow 10% in 2013

BEIJING — The net profits of China’s banks are expected to grow by 10 percent this year, the China Securities Journal reported Wednesday.

The growth rate, which is smaller than those of previous years, must be achieved by cutting the provision coverage ratio, the paper said.

The banks’ non-performing loan balances and ratios will both trend upwards, posing risks for their future performance, the paper quoted Lian Ping, chief economist at the Bank of Communications, as saying.

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