August 30, 2017 / 9:00 AM / in a year

Top China bank ICBC's H1 profit up 1.8 pct, bad loan ratio down

BEIJING, Aug 30 (Reuters) - Industrial and Commercial Bank of China Ltd (ICBC) on Wednesday posted a 1.8 percent growth in its first-half net profit as net-interest margins stabilized.

ICBC, the country’s largest bank by assets, said its net profit for the January-June period was 153 billion yuan ($23.21 billion), versus 150.2 billion in the year-ago period.

The first-half figure implies a net profit of 77.2 billion yuan in the second quarter, up 2.3 percent from 75.5 billion yuan in the year-ago period, according to Reuters calculations.

Four analysts had on average forecast a 1.7 percent increase for the quarter, according to estimates compiled by Reuters.

ICBC’s non-performing loan ratio decreased to 1.57 percent at end-June from 1.59 percent at end-March.

Its net interest margin increased to 2.16 percent by end-June, from 2.12 percent at end-March. ($1 = 6.5916 Chinese yuan renminbi) (Reporting By Shu Zhang; Editing by Himani Sarkar)

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