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With the financial crisis in 2009, foreign banks' earnings in China fell sharply, largely because they adopted the cautious approaches of their headquarters even as Chinese lenders pumped out credit to match the government's stimulus program. Bank executives say the problem more recently has been rising costs-especially for personnel—as banks pursue aggressive expansion plans.

Shao Zili((EDS:MR. SHAO)), chairman of J.P. Morgan's China unit attributed the increase in costs at his bank to an expansion in the bank's branches, the hiring of more staff, and a "war for talent with many foreign banks looking to grow their ranks of corporate bankers." J.P. Morgan saw its operating expenses rise 38% last year after declining almost 20% in 2009.

Citi's China chief executive Andrew Au said the bank's branch and staff expansion had pushed up expenses. Standard Chartered said expenses were up "as we continue to invest in new branches and staff." The banks declined to give an outlook for their earnings this year. HSBC declined to comment.

With foreign banks all competing for the relatively small pool of people who speak both Chinese and English or another foreign tongue, and who have skills and experience, costs are going up. An executive at one foreign bank in Shanghai said that a bilingual employee with at least a decade of experience working for foreign banks in China can make more than someone of comparable experience in Europe.

"People are relatively mobile between the foreign banks and they jump ship pretty regularly," said Simon Gleave, regional head of financial services at KPMG, based in Beijing. "Competition between banks for good people has pushed up costs a lot. I don't think that's going to change in the near future."

Another factor likely to weigh on profitability is requirements by the regulator that locally incorporated foreign banks reduce their outstanding loans to less than 75% of the deposits they hold by the end of the year. That will bring them in line with China's domestic banks, which have long had to comply with regulation, and will increase the pressure on the foreigners to compete for deposits.

"Given their limited branch networks I think that's going to be an ongoing problem and not just for this year," said Mr. Gleave, noting that a handful of foreign banks have managed to build networks big enough to support a significant deposit base. "It will be difficult for small banks to compete in the deposit market."