|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||0.5156 - 0.5156|
|52 Week Range||0.4200 - 0.6500|
|Beta (5Y Monthly)||0.45|
|PE Ratio (TTM)||3.68|
|Forward Dividend & Yield||0.04 (8.59%)|
|Ex-Dividend Date||Jul 05, 2022|
|1y Target Est||N/A|
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BEIJING/SHANGHAI (Reuters) -Five of China's largest banks showed wounds from the ongoing property sector crisis, with bad debts linked to real estate surging in the first half of the year, even as they posted modest profits against the backdrop of an economic slowdown. The first-half results come after the world's second-largest economy narrowly avoided contracting in the second quarter as widespread COVID-19 lockdowns and the slumping property sector badly damaged consumer and business confidence. China Construction Bank Corp (CCB) and Bank of China Ltd (BoC) reported a 68% and 20% increase in bad real estate debt in the first half of this year on Tuesday in exchange filings.
The China Banking and Insurance Regulatory Commission's (CBIRC) nod comes as the world's second-largest economy opens up its giant financial sector to investments from foreign players, allowing them to collaborate with domestic banks. Goldman Sachs ICBC Wealth Management, set up in May last year with a 51% funding contribution from U.S. banking giant Goldman and 49% by ICBC, will now offer a broad range of investment products to the Chinese market over time, including quantitative investment strategies.
China's Big Six state-controlled banks reported double-digit profit growth for 2021, the best since 2013 and in line with analysts' expectations, helped by robust loan growth and fewer bad loans. But with Covid-19 cases flaring up across China and rising inflation, senior bank officials and analysts painted a bleaker outlook, warning that non-performing loans at Agricultural Bank of China, Bank of Communications, Bank of China, China Construction Bank, Industrial and Commercial Bank of China (IC