Bad debts drive China banks to cut dividend payouts
Three of its four biggest banks have cut payment ratios
Beijing
CHINA'S biggest banks are accelerating cuts to their dividend payouts as bad debts pile up from struggling exporters in the Pearl River Delta, coal companies in the nation's west and manufacturers in the Bohai Rim near Beijing.
Three of the nation's four largest banks, including Industrial & Commercial Bank of China Ltd (ICBC), this week cut their payment ratios for 2014 by the most in three years. ICBC's fell to 33 per cent from 35 per cent a year earlier. The smaller China Citic Bank Corp last week eliminated its payment altogether.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Five new charges for money laundering accused Zhang Ruijin before his plead guilty mention
Bank of Japan keeps rates steady, projects inflation staying near 2% in coming years
Weak yen pressures Bank of Japan’s interest rate decision
Basel Committee adds climate risks to banking supervision standards
Crypto firm sues SEC to fend off oversight of Ethereum
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’