China’s Bank Profits Tumble Most in at Least a Decade (1)

China’s banking industry earnings slumped the most in at least a decade in the second quarter as bad loans climbed and the government told lenders to sacrifice $211 billion in profit this year to alleviate the worst economic slump in 40 years.

In total, the nation’s more than 1,000 commercial banks made 426.7 billion yuan ($61 billion) in the period, a 24% decline from a year earlier, China Banking and Insurance Regulatory Commission data showed on Monday. The industry’s soured loans climbed for the sixth straight quarter, to 2.7 trillion yuan, the highest in more than a decade.

In a ...