INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED Industrial & Commercial Bank of China Ltd.'s net profit for the third quarter fell as higher operating income was offset by an increase in impairment losses.
China's largest lender by assets said Friday that net profit was 79.885 billion yuan ($11.90 billion), compared with CNY83.78 billion in the same period last year.
Net interest income rose 1.6% to CNY156.27 billion, while operating income increased 3.9% to CNY197.90 billion. Impairment losses on assets rose to CNY54.27 billion from CNY38.58 billion a year ago.
The bank said its nonperforming-loan ratio rose to 1.55% at the end of September from 1.50% at the end of June and 1.43% at the end of December.
Write to Singapore Editors at singaporeeditors@dowjones.com
(END) Dow Jones Newswires
10-30-20 0612ET
