ICBC’s Profit Rises 0.8% in First Half

Pedestrians walk past a branch of China'
Pedestrians walk past a branch of China's banking giant Industrial and Commercial Bank of China (ICBC) in Shanghai on January 18, 2011. According reports, ICBC plans to open branches in Europe to expands its network in the region. AFP PHOTO / Philippe Lopez (Photo credit should read PHILIPPE LOPEZ/AFP/Getty Images)
Philippe Lopez — AFP/Getty Images

Industrial and Commercial Bank of China (ICBC) , the country’s largest bank by assets, reported a 0.8% growth in its first-half net profit, accompanied by a decline in its bad debt ratio.

ICBC said on Tuesday its net profit for the January-June period was 150.2 billion yuan ($22.49 billion), up from 149.0 billion in the year-ago period.

The first-half figure implies a net profit of 75.5 billion yuan in the second quarter, up from 74.7 billion yuan in the year-ago period, according to Reuters calculations.

Three analysts had on average forecast a profit of 73.9 billion yuan for the quarter, according to a Reuters calculation.

See also: China’s Yuan Hits Its Weakest Level in Over a Month

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ICBC’s non-performing loan ratio decreased to 1.55% at end-June from 1.66% at end-March.

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