China's big five banks post slower profit growth in Q1

All five of China's major banks came out with first quarter earning. They mostly booked double digit growth, but at a slower pace than last year.

Industrial and Commercial Bank of China, the world's biggest bank by market value reported a net profit of 68.7 billion yuan, or 10.7 billion U.S dollars. better than expected. This was 12 percent higher year on year, thanks to strong growth in fees and commissions income.

China Construction Bank, the second biggest bank, also exceeded expectations. As the biggest property lender, the bottom line was lifted by a rebound in China's home prices.

Meanwhile Agricultural Bank of China, the country's no. 3 lender, reported first quarter earnings in line with expectations.

The bank also says Friday it will issue up to 90 billion yuan worth of bonds.

Earlier, Bank of China and Bank of communications also released their reports.

The slower profit growth at China's big five banks had been expected, in light of China's slower economic growth.

Worries about a pickup in bad loans and weaker profits have hit Chinese banks' stock valuations in recent months, they are near historical lows.