By: Staff Reporter
China’s third largest bank, Bank of China, has said it will slow its lending this year to avoid a potential housing bubble.
According to a report in The Australian, the Bank of China posted a 26 per cent rise in net profit last year and was the biggest issuer of credit domestically.
However, the bank’s lending spree didn’t help boost its bottom line, as lower interest margins offset any benefit from the higher volume.
Instead, earnings were buoyed by lower write-offs, which weighed on the previous year’s results.
The results are not expected to be as strong this year as China’s authorities are requiring banks to slow lending because of concerns about the possible information of asset bubbles and the resurgence of bad assets following the record loans issued by the country’s banks last year.
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