China’s Bank of China, Agricultural Bank report double-digit profit growth

Two of China’s major state-owned lenders, Bank of China and Agricultural Bank, reported double-digit earnings growth Wednesday as the industry prepares for reforms that are likely to squeeze profits.

Bank of China Ltd. said its profit for the three months ended Sept. 30 rose 13.8 percent to 39.5 billion yuan ($6.3 billion). Agricultural Bank of China Ltd. said earnings rose 15.3 percent to 45.6 billion yuan ($7.2 billion).

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The Associated Press via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/S4FFyLn9ZUw/