China's major state-owned banks, including Agricultural Bank of China, Industrial & Commercial Bank of China, and Bank of China Ltd., reported declines in their first-quarter profits due to narrowing loan margins. Agricultural Bank of China's profit fell by 1.63%, Bank of China Ltd. saw a 2.9% decline, and Industrial & Commercial Bank of China experienced its first quarterly profit decline in over a year, with an EPS of 0.6624 versus a forecast of 0.7768 and revenue of 29B against 28.21B. The banks have been under pressure from Beijing to reduce loan rates and increase lending to sectors such as the property market and local governments, contributing to the squeeze on margins.