Industrial & Commercial Bank of China 3Q Net Profit Up 3.4% On Year To CNY75 Billion

Features Dow Jones Newswires

Industrial & Commercial Bank of China Ltd. (1398.HK), the nation's largest lender by assets, said its third-quarter net profit grew 3.4% from a year earlier to 75 billion yuan ($11.3 billion), thanks to growth in interest income.

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Net interest income rose to 133.23 billion yuan in the third quarter, compared with 117.08 billion yuan in the same period a year ago, the bank said. Net fee and commission income decreased to 30.97 billion yuan in the third quarter, compared with 32.03 billion yuan a year earlier.

In the first nine months, ICBC's net profit was up 2.3% on year to 228 billion yuan.

The bank also reported 220.04 billion yuan in nonperforming loans at the end of September, representing 1.56% of its total outstanding loans.

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

(END) Dow Jones Newswires

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October 30, 2017 05:20 ET (09:20 GMT)