March 28, 2019 / 9:00 AM / 8 months ago

China's top bank ICBC reports flat Q4 profit

SINGAPORE/HONG KONG, March 28(Reuters) - Industrial and Commercial Bank of China Ltd (ICBC) , the country’s biggest commercial bank, said on Thursday its fourth-quarter net profit stayed flat from a year ago amid a slowing economy.

State-controlled ICBC, one of the world’s biggest banks by market capitalisation and assets, posted a net profit of 58.05 billion yuan ($8.63 billion) for the three months ended December, versus 58.1 billion yuan a year ago.

Analysts were expecting a net profit of 58.17 billion yuan, according to Refinitiv SmartEstimate.

SmartEstimate gives more weight to recent estimates by analysts who are more consistently accurate. ($1 = 6.7268 Chinese yuan) (Reporting By Shu Zhang in Singapore and Kane Wu in Hong Kong; Editing by Muralikumar Anantharaman and Himani Sarkar)

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