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China's Big Four profits to plunge in 2013
Three of four expect a 10% decrease in profit growth.
Industrial and Commercial Bank of China, Bank of China and China Construction Bank all expect their profit growth rate to fall below 10% in 2013 from an estimated high of 14% last year.
Agricultural Bank of China is the only one among the Big Four state-owned banks to predict profit growth at the same rates as in preceding years.
Analysts said banking reform and a tightening of credit flows are to blame for the gloomy profit outlook for the year. The People’s Bank of China’s is expected to cap credit supply at US$1.4 trillion this year, another source of worry for the banking sector.
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