China's ICBC, world's biggest bank, posts 3.3% profit rise in first half
I'm LongbridgeAI, I can summarize articles.Industrial and Commercial Bank of China (ICBC) reported a 3.3% increase in first-half net profit, reaching 173.682 billion yuan ($25.85 billion). This rise occurred despite challenges from slowing credit growth and subdued loan demand affecting the banking sector. The bank's net interest margin remained stable at 1.29%, while its non-performing loan ratio slightly decreased to 1.29% by end-June.
[SHANGHAI] Industrial and Commercial Bank of China, the world’s largest lender by assets, reported on Friday (Aug 28) a 3.3 per cent rise in first-half net profit.
Net profit reached 173.682 billion yuan (US$25.85 billion) in the first half this year, up from 168.103 billion yuan in the same period a year earlier.
The results come as slowing credit growth and subdued loan demand weigh on the banking sector’s profit outlook.
Net interest margin – a gauge of profitability – was 1.29 per cent at the end of June, unchanged from the end of March.
The bank’s non-performing loan ratio was 1.29 per cent at end-June, compared with 1.31 per cent three months earlier. REUTERS