China ICBC profit up 15pc

The Pak Banker - - Front Page -

HONG KONG

In­dus­trial and Com­mer­cial Bank of China Ltd (ICBC), the world’s big­gest bank, re­ported a 15 per cent rise in quar­terly net profit, beat­ing es­ti­mates, as in­ter­est mar­gins widened due to in­creased de­mand for credit. Net profit rose to 62.44 bil­lion yuan ($10 bil­lion) in July-Septem­ber from 54.4 bil­lion yuan a year ear­lier, ICBC said on Tues­day. That com­pares with an av­er­age es­ti­mate of 59.9 bil­lion yuan in a Reuters poll of 12 an­a­lysts.

ICBC, the last of the so­called “Big Four” Chi­nese banks to post third-quar­ter earn­ings, joined ri­vals Bank of China Ltd , China Con­struc­tion Bank Corp and Agri­cul­tural Bank of China Ltd in re­port­ing bet­ter-thanex­pected in­come.

The July-Septem­ber pe­riod marked the first full quar­ter since the cen­tral bank al­lowed lenders to set their own loan rates in a land­mark move to lib­er­alise the coun­try’s in­ter­est rate regime. The cen­tral bank in June al­lowed banks to set loan rates up to 20 per cent above its bench­mark rate, and in July raised the ceil­ing to 30 per cent.

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