Bank of China, Agbank post worst annual earnings growth

Bank of China (BOC) and Agricultural Bank of China (AgBank) reported their worst annual earnings growth since going public, hit by central bank interest rate cuts in a slowing economy.

Like rival China Construction Bank, which reported earnings on Sunday, the two banks have faced pressure on their net interest margins following two rounds of interest rate reductions in 2012 to stimulate an economy that grew the slowest in over a decade.

via Business feed http://www.scmp.com/business/banking-finance/article/1200346/bank-china-agbank-post-worst-annual-earnings-growth