China’s top banks cut PCLs by $6.9bn

Loan-loss provisions in Q4 down 96% at ABC and 63% at ICBC

Provisions for credit losses (PCLs) at three of China’s top lenders shrank in the last quarter of 2022, a sign the country’s macroeconomic outlook might be improving.

PCLs collectively booked by Agricultural Bank of China (ABC), Bank of China (BoC) and Industrial and Commercial Bank of China (ICBC) were 51% lower than the previous quarter and the lowest since at least Q1 2017.

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