China’s top bank ICBC first half profit up 5%

The Star Malaysia - StarBiz - - Foreign News -

SHANGHAI: In­dus­trial and Com­mer­cial Bank of China, the world’s largest com­mer­cial bank, re­ported a 5% growth in first-half profit and a sta­ble bad loan ra­tio.

Profit was 160.4 bil­lion yuan (US$23.47bil) in the six months through June, com­pared with 153 bil­lion yuan in the same pe­riod a year ear­lier, In­dus­trial and Com­mer­cial Bank of China said in a fil­ing.

The first-half fig­ure im­plies a net profit of 81.6 bil­lion yuan for the sec­ond quar­ter, up 5.7% from 77.2 bil­lion yuan a year ago, ac­cord­ing to Reuters cal­cu­la­tions.

An­a­lysts had ex­pected a 5.2% rise in quar­terly net profit, ac­cord­ing to four an­a­lyst es­ti­mates com­piled by Reuters. — Reuters

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