ICBC reports 19.14% rise in Q3 net profit

19:24, October 29, 2009      

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Industrial and Commercial Bank of China, the world's largest bank by market value, said Thursday that it booked a 19.14 percent rise from a year earlier in its net profit in the third quarter.

Net profit hit 33.595 billion yuan (4.9 billion U.S. dollars) in the third quarter, the bank said in its statement to the Hong Kong Stock Exchange, adding earnings per share was 0.10 yuan, up from 0.09 yuan from the same period of last year.

Net interests income dropped to 62.2 billion yuan in the third quarter from 65 billion yuan in the third quarter of last year. Net fee and commission climbed to 13.3 billion yuan from July to September from 10.1 billion yuan in the same period of last year.

The lender extended 1.008 trillion yuan of new loans in the first nine months in line with the central government's policy to boost economic growth. Chinese banks lent a record 8.67 trillion yuan of new loans from January to September, which triggered concerns that fast growth of loans would increase risks of assets bubble and bad loans.

As of the end of September, non-performing loans ratio of the bank was 1.68 percent, 0.61 percentage points lower than the end of last year. Provision coverage ratio was 148.37 percent, 18.22 percentage points higher than the end of last year.

Total assets of the bank totaled 11.67 trillion yuan by the end of September, up 19.60 percent from the end of last year.

Source: Xinhua
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