China's ICBC, world's biggest bank, posts 3.3% profit rise in first half
Slowing credit growth and subdued loan demand weigh on banking sector’s profit outlook
Industrial and Commercial Bank of China, the world’s largest lender by assets, announced a slight increase in its first-half net profit on Friday. The bank reported a 3.3% rise in net profit for the period, reaching 173.682 billion yuan (US$25.85 billion), up from 168.103 billion yuan in the same period last year. Despite this modest growth, the banking sector faces challenges due to slowing credit growth and reduced loan demand.
The bank’s net interest margin, a key profitability indicator, remained steady at 1.29% at the end of June, unchanged from the previous quarter. Additionally, the non-performing loan ratio stood at 1.29% at the end of June, a slight improvement from 1.31% three months earlier.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
