Gartmore confident on China banks

Net profit rose 157pc at China Merchants Bank and by 77pc at the Industrial and Commercial Bank of China (ICBC) in Q1, while China Construction Bank reported a profit of RMB 32.1bn; almost the same amount that the bank booked in the first half of 2007. Awdry attributed the positive results to progress in the reform process underway in the sector. He said: "Chinese banks have been recapitalised, with many raising funds via Hong Kong. Some have seen the arrival of strategic investors with specialist management and risk-control expertise. "At the same time, the opportunities for banks to...