China’s three largest banks reported huge profit jumps in the first quarter in what may mark a peak in earnings this year as government measures to curb loan growth and tackle inflation start to bite.

Industrial and Commercial Bank of China, the country’s largest lender, lifted net profit by 77 per cent in the first quarter from a year earlier to Rmb33.1bn ($4.7bn) while Bank of China reported an 85 per cent increase to Rmb21.7bn.