Industrial & Commercial Bank of China 1Q Net Profit Up 1.37% on Year

Features Dow Jones Newswires

Industrial & Commercial Bank of China Ltd. (1398.HK) said Friday its net profit in the first quarter rose 1.37% from a year earlier, thanks to higher interest income.

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China's largest commercial lender by assets said profit for the three months ended March 31 was 75.79 billion yuan ($10.99 billion), up from 74.76 billion yuan a year earlier.

Net interest income rose 2.66% to 121.97 billion yuan, while net fee and commission income fell 5.81% to 40.96 billion yuan in the first quarter, the bank said.

The state-owned bank reported 215.29 billion yuan of nonperforming loans at the end of March, up from 211.8 billion yuan at the end of 2016. The bank's bad-loan ratio declined to 1.59% at the end of March from 1.62% at the end of last year.

Write to Grace Zhu at grace.zhu@wsj.com

(END) Dow Jones Newswires

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April 28, 2017 05:11 ET (09:11 GMT)