Big banks report higher growth in Q3 lending income

China's big four banks posted higher growth in lending income and improvements in profitability and asset quality, with average daily income of 2.5 billion yuan ($377.3 million) in the third quarter.

The Industrial & Commercial Bank of China Ltd (ICBC), the Agricultural Bank of China Ltd, the Bank of China Ltd and the China Construction Bank Corp, which had released their earnings reports by Tuesday, all saw double digit growth in net interest income, thanks to improving interest margins amid stable and healthy economic growth.

In terms of net income growth, the Agricultural Bank of China posted 4.89 percent year-on-year growth, the highest among the big four. In terms of asset quality, the four lenders reported declining non-performing loan rates in the third quarter. The Agricultural Bank of China's NPL rate dropped, thanks to more efforts in risk management and the better macro economic environment, according to the bank.