Tougher economic times halve mainland banks' profit growth

Profit growth at the top 10 listed mainland banks halved in the first six months compared with a year earlier, highlighting tougher operating conditions as lending profitability and fee income shrank in a weaker economy.

The banks posted a combined net profit of 513.2 billion yuan (HK$627.78 billion) in the first half, a 17 per cent increase from a year ago. In the same period in 2011, growth was 34 per cent, according to global accounting firm PricewaterhouseCoopers (PwC).

via Business feed http://www.scmp.com/business/banking-finance/article/1041898/tougher-economic-times-halve-mainland-banks-profit-growth