INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED By Clarence Leong
Industrial & Commercial Bank of China Ltd. on Tuesday posted a 4.9% increase in first-half net profit, thanks to higher net interest income and as loans increased.
ICBC's net profit rose to 171.51 billion yuan ($24.83 billion), compared with CNY163.47 billion a year earlier.
Net interest income rose 4.5% to CNY351.43 billion, while net fee and commission income increased 0.1% to CNY76.02 billion.
ICBC's net interest margin for the half was 2.03%, down from 2.12% a year earlier.
The lender's nonperforming loan ratio stood at 1.41% at the end of June, compared with 1.42% at the end of December, it said. ICBC's total assets also rose 10% from the end of 2021 to CNY38.744 trillion at June 30. Of that, total loans accounted for CNY22.341 trillion, up 8.1% from end-2021.
ICBC set aside impairment losses on assets of CNY133.62 billion for the first half, up 7.3% from the year-earlier period, it said.
Write to Clarence Leong at clarence.leong@wsj.com
(END) Dow Jones Newswires
08-30-22 0522ET
