China's five largest state-owned banks reported third-quarter profit growth ranging from 6% to 11%, with each recording its fastest quarterly growth since 2021 or 2022. Industrial and Commercial Bank of China led the group with net profit of 111.958 billion yuan ($16.82 billion), up 9.97% year on year, followed by Agricultural Bank of China at 10.8%, Bank of Communications at 10.1%, China Construction Bank at 9.8% and Bank of China at 6.4%. Repricing of higher-cost deposits, monetary easing, mortgage interest subsidies and bond gains supported earnings, although the benefit from deposit repricing is fading. Net interest margins and non-performing loan ratios were broadly stable, while increased bad-debt disposals helped contain asset-quality pressure. Weak credit demand, slowing economic activity and emerging risks in technology and innovation-related lending remained constraints.