China's largest banks posted stronger-than-expected first-quarter earnings, but the size of their buffer against a potential spike in bad loans was revised downward after the regulator pushed them to account more conservatively for loans they made during a two-year lending binge.

　　中國最大的幾家銀行發(fā)布了強(qiáng)于預(yù)期的一季度盈利數(shù)據(jù)，但在監(jiān)管機(jī)構(gòu)敦促商業(yè)銀行更加謹(jǐn)慎地統(tǒng)計(jì)前兩年的信貸狂潮中放出的貸款后，這些銀行向下修正了應(yīng)對(duì)可能激增的不良貸款的緩沖資本的規(guī)模。

　　Industrial & Commercial Bank of China Ltd.'s capital-adequacy ratio─the amount of capital that banks hold against the perceived risk of their assets─ saw the biggest drop, falling 0.5 percentage point, and wiping out much of the bump it got from the almost 70 billion yuan ($10.8 billion) worth of capital it raised from a convertible-bond sale and rights issue last year.

　　中國工商銀行（簡稱：工行）的資本充足率下跌了0.5個(gè)百分點(diǎn)，跌幅最大。去年工行借可轉(zhuǎn)債發(fā)行和股權(quán)配售募集了近700億元的資本金，資本充足率也隨之提高。但此次下跌幾乎完全抹殺了此前的增幅。資本充足率等于銀行自有資本對(duì)風(fēng)險(xiǎn)加權(quán)資產(chǎn)的比率。

　　China's banks sold tens of billions of dollars worth of equity and debt last year in an effort to restore their capital levels, after making 18 trillion yuan in new loans over 2009 and 2010.

　　在2009年和2010年新增貸款18萬億元之后，中國的商業(yè)銀行去年在股市和債市共計(jì)募集資金數(shù)百億元，以充實(shí)資本金。

　　A large chunk of that lending─the mainstay of the government's stimulus─went to local government-backed companies that were set up to fund infrastructure projects. But given that infrastructure projects typically don't generate revenue for years if at all, Beijing has started to worry about the scope for local governments to make good on the debt.

　　Reuters周四，行人經(jīng)過位于北京市中心的中國銀行總部大樓。作為中央政府經(jīng)濟(jì)刺激計(jì)劃的基本組成，大部分上述貸款進(jìn)入了地方融資平臺(tái)公司。設(shè)立這些平臺(tái)公司主要是為了給基礎(chǔ)設(shè)施建設(shè)項(xiàng)目提供資金。但由于這些項(xiàng)目通常要好幾年才能創(chuàng)造收入（有時(shí)甚至無法創(chuàng)收），中央政府開始擔(dān)心地方政府的償債規(guī)模。

　　The banking regulator has since pushed banks to hold more capital against these loans based on the extent to which the projects' cash flows or collateral from the local government covers them.

　　銀行業(yè)監(jiān)管機(jī)構(gòu)隨后要求各家銀行增加資本金以應(yīng)對(duì)這些可能出現(xiàn)問題的貸款。判斷依據(jù)是前述項(xiàng)目的現(xiàn)金流或作為項(xiàng)目實(shí)施主體的地方政府提供的抵押品在多大程度上能夠影響貸款的質(zhì)量。

　　This is a 'one-off impact as Chinese banks adjusted the risk weighting of [local government financing-vehicle loans],' said Lucy Feng, a Hong Kong-based Nomura banking analyst. 'But this has [now] been fully reflected in' the first-quarter disclosures.

　　野村證券駐香港的銀行業(yè)分析師馮哲（Lucy Feng）說，這是中國商業(yè)銀行調(diào)整了地方融資平臺(tái)貸款的風(fēng)險(xiǎn)權(quán)重之后帶來的一次性影響，在一季度披露的財(cái)務(wù)報(bào)告中已經(jīng)得到了充分反映。

　　ICBC's capital-adequacy ratio stood at 11.77% at the end of March, down from 12.27% at the end of last year and only a shade above the minimum 11.5% mandated by the banking regulator. It was at 11.57% at the end of the third quarter before the bank embarked on its rights issue and bond sale.

　　3月底工行的資本充足率從去年年底的12.27%降到了11.77%，僅略高于銀行監(jiān)管機(jī)構(gòu)規(guī)定的11.5%的底線。去年三季度末，在工行開始配股及發(fā)行可轉(zhuǎn)債之前，資本充足率僅為11.57%。

　　Agricultural Bank of China Ltd. said its capital-adequacy ratio fell to 11.40% from 11.59% at the end of last year. AgBank has plans to raise its capital level by selling 30 billion yuan worth of subordinated bonds in the near future, despite raking in $22.1 billion last year from its initial public offering.

　　中國農(nóng)業(yè)銀行（簡稱：農(nóng)行）說其資本充足率從去年年底的11.59%下降至11.40%。盡管在去年首次公開募股中募集了221億美元的資金，農(nóng)行還是計(jì)劃近期發(fā)行總值300億元的人民幣次級(jí)債券以提高資本金水平。

　　Still, analysts said the latest results don't show signs of the banks' loan quality deteriorating, although government tightening moves in the housing market and government-led infrastructure development will eventually reverse the past decade's trend of improving loan performance.

　　不過，盡管政府在房地產(chǎn)市場(chǎng)的緊縮措施以及政府牽頭的基礎(chǔ)設(shè)施建設(shè)最終將逆轉(zhuǎn)過去十年貸款質(zhì)量不斷改善的趨勢(shì)，但分析師說最新出爐的業(yè)績并不能表明銀行的貸款質(zhì)量有惡化的跡象。

　　Meanwhile, bank profits continued to grow strongly, although at a slower pace than last year, suggesting Beijing's moves to cool the economy are having an impact.

　　與此同時(shí)，雖然增長步伐比去年慢，但銀行的利潤繼續(xù)強(qiáng)勁增長，這表明中央政府為經(jīng)濟(jì)降溫的措施正在發(fā)揮作用。

　　ICBC, China's largest bank by assets, said its net profit for the three months ended March 31 rose 29% from a year earlier to 53.79 billion yuan, higher than the average forecast of 51.69 billion yuan by five analysts.

　　中國資產(chǎn)規(guī)模最大的銀行工行表示，截至3月31日的第一季度該行凈利潤同比增長29%，至537.9億元，高于此前五位分析師預(yù)測(cè)的平均值516.9億元。

　　At Bank of China Ltd., the country's third-largest bank, net income rose 28% to 33.44 billion yuan, above the 31.32 billion yuan forecast by analysts.

　　中國第三大銀行中國銀行凈收入增長28%，至334.4億元，超出此前分析師預(yù)計(jì)的313.2億元。

　　Net profit at China Construction Bank Corp., the second largest of China's banks, rose 34% to 47.19 billion yuan in the first quarter.

　　中國第二大銀行中國建設(shè)銀行（簡稱：建行）一季度凈利潤增長34%，至471.9億元。

　　However, ICBC's first-quarter earnings gain lagged behind its 32% net-profit rise during the fourth quarter, and Bank of China's growth slowed from 34%.

　　但工行一季度利潤增幅低于去年四季度32%的水平，中國銀行也低于去年四季度34%的水平。

　　On Wednesday, AgBank, China's fourth-largest bank, also reported forecast-beating earnings gains. But its 36% rise in first-quarter earnings was lower than its fourth-quarter growth of 83%.

　　周三，中國第四大銀行農(nóng)行也公布了超出預(yù)期的利潤增幅，但其一季度36%的利潤增幅低于去年四季度83%的水平。

　　China Construction Bank was the exception; its profit growth in the first quarter was faster than the 18% rise in the previous quarter.

　　但建行的情況是個(gè)例外：其一季度利潤增幅高于去年四季度18%的水平。

　　I expect the profit growth of the whole banking sector to slow this year, as the government's monetary tightening reduces the supply of credit,' said Li Shanshan, a banking analyst at Bocom International in Beijing.

　　交銀國際（Bocom International）駐北京的銀行業(yè)分析師李珊珊說，我預(yù)計(jì)今年整個(gè)銀行業(yè)的利潤增長將放緩，因?yàn)檎o縮貨幣減少了信貸供給。

　　Beijing has repeatedly raised interest rates and the banks' reserve requirement ratio in recent months in an effort to rein in inflation, which in March rose 5.4% from a year earlier, its fastest rate in almost three years. While banks can charge more for their loans given the tighter credit conditions, the sharp reduction in lending growth has curbed profit growth, analysts said.

　　為了遏制通貨膨脹，近幾個(gè)月來中央政府已經(jīng)多次加息并提高銀行的存款準(zhǔn)備金率。3月份通脹同比上升5.4%，是近三年來最快的增幅。分析師說，盡管由于信貸緊縮，銀行可以提高貸款利率，但貸款增量的大幅減少已經(jīng)抑制了利潤的增加。