Profitability pressure grows for China’s state banks amid low rates

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China’s top banks face continued pressure, as a slowing economy, lower interest rates and weak loan demand weighed on first-half earnings.Net profit at Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, fell 1.4 per cent in the first half from a year earlier to 168.1 billion yuan (US$23.5 billion), according to its interim results announced on Friday after the market closed.Its net interest margin (NIM), a key indicator of a bank’s profitability, fell to 1.3...