But costs remain key: for the city's ten listed banks, expenses rose 11% last year, right behind revenues up 16%.
Worse, state-subsidised banks have made it impossible for Germany's publicly listed banks to make a decent return on their retail-banking operations.
The bottom line: If continued, sales of Chinese listed banks shares by foreign institutional investors could cause a major correction of the Shanghai and Hong Kong Exchanges.
Based on the recently published results of Spain's seven publicly listed banks, the investment bank Morgan Stanley calculates that lending in Spain is contracting at a damaging annual rate of around 8%.
But with listed Spanish banks already cheap, cajas would have to sell shares for a song to attract interest.
So far, the performance of many of the listed Chinese banks, natural-resources companies and other big firms under state control has been stellar over time.
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Each of the eight U.S. banks listed were trading in negative territory Friday, with Morgan Stanley (down 4.7%) and Bank of America (down 4.2%) the worst performers.
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Several publicly-listed state-controlled banks unveiled impressive third-quarter profits: Bank of China's quarterly profits rose by 9% from a year ago, ABC saw a rise of 40% and China CITIC posted a 41% increase.
Its shares, 52.7% of them owned by the Swiss cantons and cantonal banks, are listed on the Swiss stock exchange.
Instead, the ill-advised promises were listed in the footnotes to the banks' financial statements.
With the exception of large banks, most of listed Chinese A-share SOEs pay no or low dividends.
LDP's powerful committee on anti-deflation policies, and Taro Aso, the party's policy chief, they are putting the finishing touches to a bill that temporarily suspends mark-to-market accounting for banks, life insurers and 10, 000-odd listed companies.
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China's big state-controlled banks were among the largest initial public offerings in the world when they listed in recent years, but their recent stock performance has been weak, as investors worry that they are carrying bad debts on their books.
No banks from the Nordics, Spain, Italy, the Netherlands or South America are listed as participants.
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