AP News

News Summary: Bank of China profit growth slumps


UP BUT NOT AS MUCH: Bank of China Ltd., one of the country's four major state-owned lenders, said its profit growth fell sharply this year due to slowing economic growth and government interest rate reforms. Profit rose 7.6 percent in the first half, less than half the 19 percent growth rate for 2011.

SLIMMING DOWN: Analysts expect the large profit margins of China's state-owned banking industry to shrink as the government gradually liberalizes rates to help the economy.

SHARE THE SQUEEZE: China's three other major state-owned lenders are expected to report similar declines in profit growth


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