May. 3, 2012 (China Knowledge) - The five largest commercial banks in China booked a combined net profit of RMB 210.77 billion in the first quarter of this year, sources reported.
Industrial and Commercial Bank of China<601398
>, the world's biggest lender by market value, continued to be the most profitable bank recording a net profit of RMB 61.37 billion in the first three months, followed by China Construction Bank Co<601939
> with a net profit of RMB 51.61 billion.
The five banks, including Agricultural Bank of China Ltd or ABC<601288
>, Bank of China Ltd<601988
> and Bank of Communications<601328
>, all saw slower profit growth. Only ABC maintained growth of more than 20%, while BOC and CCB experienced increases of less than 10%.
The net interest income of the five banks reached RMB 355.72 billion, and their fee and commission income hit RMB 101.39 billion.
Industry analysts expected that the banking sector would see its profit growth slow to about 19% this year.