China listed banks combined profit up 46%

ICBC leads banks with biggest profit for the first half at $12.42bln as lending boom reaped profits.

China's big four makes up 74.5% of the total net profits amidst lending boom and increased commission fees.

China's listed banks reported a 45.67-percent rise in combined net profits year on year during the first half.

Combined net profits of the 16 listed banks reached 343.4 billion yuan (US$50.5 billion), according to figures in their first-half business reports released by the banks.

Shanghai Pudong Development Bank (SPD) said late Sunday in a statement filed with the Shanghai Stock Exchange that its first-half net profits rose 33.92 percent due largely to a lending boom and increased commission fees, reaching 9.08 billion yuan ($1.33 billion).

Bank of Beijing announced Sunday its first-half net profit jumped 33.47 percent year on year to hit 3.9 billion yuan ($572.8 million).

Of the 16 listed banks, the Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), Bank of China (BOC), and Agricultural Bank of China (ABC), or the "big four" commercial banks, accounted for 74.5 percent of the total net profits, with ICBC being the top earner reporting 84.6 billion yuan ($12.42 billion) of net profit.

View the full story in Xinhua.