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ICBC's Q3 profits rise 14.9 pct

(Xinhua)

08:45, October 31, 2012

BEIJING, Oct. 30 (Xinhua) -- Industrial and Commercial Bank of China (ICBC), the country's largest lender by market value, said on Tuesday that its third-quarter profits rose 14.9 percent year on year to reach 62.42 billion yuan (9.91 billion U.S. dollars).

Profits rose to 185.6 billion yuan during the first three quarters of 2012, up 13.3 percent from the previous year.

The lender's net interest income, revenue from borrowers minus interest paid to depositors, jumped 16.6 percent to 311.37 billion yuan during the nine months, while income from fee-based services and commissions increased to 79.69 billion yuan, up 1.8 percent year on year.

The bank's non-performing loans (NPL) stood at 74.75 billion yuan at the end of September, up 1.74 billion yuan from the end of last year. But the NPL ratio fell to 0.87 percent, down 0.07 percentage points from the end of 2011.

The lender's core capital adequacy ratio, which measures a bank's ability to deal with risk assets, hit 10.51 percent at the end of last month.

ICBC's shares closed flat at 3.81 yuan in Shanghai.

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