China's ICBC, world's biggest bank, posts 3.3% profit rise in first half
Slowing credit growth and subdued loan demand weigh on banking sector’s profit outlook
Add BT as a preferred source
[SHANGHAI] Industrial and Commercial Bank of China, the world’s largest lender by assets, reported on Friday (Aug 28) a 3.3 per cent rise in first-half net profit.
Net profit reached 173.682 billion yuan (US$25.85 billion) in the first half this year, up from 168.103 billion yuan in the same period a year earlier.
The results come as slowing credit growth and subdued loan demand weigh on the banking sector’s profit outlook.
Net interest margin – a gauge of profitability – was 1.29 per cent at the end of June, unchanged from the end of March.
The bank’s non-performing loan ratio was 1.29 per cent at end-June, compared with 1.31 per cent three months earlier. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Asia-Pacific aviation: is up really the only way?
Russia’s ‘pivot to Asia’ takes a turn as it prioritises ties with isolated regimes over bigger economies
Why disciplined stewardship matters when managing wealth in uncertain markets
More than 15,000 sign up for national accounting body’s AI programme in two months
