INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED By Kosaku Narioka
Industrial & Commercial Bank of China Ltd. on Friday reported flat growth in first-quarter net profit and a 4.8% drop in net interest income.
The Chinese bank said net profit was 90.16 billion yuan ($13.02 billion), compared with CNY90.145 billion a year earlier.
Net interest income, the primary source of the bank's earnings, fell to CNY168.41 billion from CNY176.885 billion, as loan interest rates have declined in the country.
Net fee and commission income decreased 2.9% to CNY40.49 billion, mainly because customers' risk appetite for investment and wealth management declined due to fluctuations in the capital market, the bank said.
ICBC booked impairment losses on assets of CNY65.02 billion in the first quarter, a 8.2% drop from a year earlier. The balance of nonperforming loans stood at CNY337.59 billion at the end of March, an increase of CNY16.42 billion from end-December.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
04-28-23 0559ET
