China ICBC Q1 profit up 1.4%, slowest Q1 growth in over 8 years
[SHANGHAI] Industrial and Commercial Bank of China Ltd (ICBC), China's biggest lender by assets, reported on Wednesday a net profit rise of 1.4 per cent for the first quarter of 2015, its slowest first-quarter growth in more than eight years.
ICBC, the world's biggest bank by market capitalization, saw profit hit 74.3 billion yuan (S$15.82 billion) in the three months through March from 73.3 billion yuan in the same period a year earlier.
The result is in line with the 74.0 billion yuan average profit estimate of two analysts surveyed by Thomson Reuters.
ICBC's non-performing loan ratio rose to 1.29 per cent at end-March from 1.13 per cent at end-December.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Central banks need digital currencies to stay relevant
China’s CICC demotes senior bankers, cuts pay to slash costs
Citi promotes Damien Tan to corporate banking head for Singapore
Australian dollar firm as bulls bet on hawkish turn at RBA
ECB rate cut case getting stronger, says chief economist Lane
RBNZ has limited scope to cut cash rate this year: OECD