BEIJING/SHANGHAI (Reuters) - Industrial and Commercial Bank of China (ICBC) (601398.SS), (1398.HK), the world’s biggest-listed lender by assets, posted on Friday the fastest rise in third-quarter net profit for five years as growth in soured loans slowed.
Net income for state-controlled ICBC came in at 83.78 billion yuan ($11.85 billion) for the three months through September, up 5.8% from 79.19 billion yuan in the same period a year earlier.
The rate of profit growth was above the average forecast of 4.25% drawn from two analysts surveyed by Reuters.
ICBC’s non-performing loan ratio edged down to 1.44% at end-September from 1.48% at end-June.
Its net interest margin narrowed slightly to 2.26% at end-September from 2.29% three months earlier.
Reporting by Cheng Leng in Beijing and Engen Tham in Shanghai; Editing by Muralikumar Anantharaman