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ICBC’s Profit Rises 0.8% in First Half

Pedestrians walk past a branch of China'Pedestrians walk past a branch of China'

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.

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