By Clarence Leong

Shares of some Chinese lenders were lower Friday following their first-quarter earnings, with some analysts saying their growth appeared muted against a backdrop of economic recovery.

Shanghai Pudong Development Bank Co.'s A-shares fell 5.0% to CNY10.01, the steepest intraday percentage decline since July, according to FactSet.

The lender's first-quarter operating income was 11% lower on year at 49.52 billion yuan ($7.65 billion), even as net profit rose 7.7% to CNY18.70 billion.

Postal Savings Bank of China Co.'s A-shares skidded as much as 6.8%, after its first-quarter net profit rose 5.5%. The growth rate was similar to the bank's FY 2020 earnings growth of 5.4% year-over-year and weaker than market consensus, making it hard to justify the valuation premium, Citi said in a note.

Other declining bank stocks included China Construction Bank Corp., whose A-shares fell 2.45% after its first-quarter net interest margin contracted 13 basis points to 2.13% from a year earlier. A-shares of China CITIC Bank Corp. were 1.7% lower.

Write to Clarence Leong at clarence.leong@wsj.com

Corrections & Amplifications

This item was corrected at 0824 GMT to reflect that Postal Savings Bank of China Co.'s A-shares skidded as much as 6.8%. The original version incorrectly said it was H-shares that fell in the fourth paragraph.

(END) Dow Jones Newswires

04-30-21 0155ET