ICBC H1 Net Profit Rises 7%

Industrial & Commercial Bank of China

reported a 7% rise in its first-half net profit. ICBC's net profit for the six months surged to 148.1 billion yuan ($23.89 billion), versus a year-ago profit of 138.35 billion yuan. Analysts were expecting a profit of 147.56 billion yuan. ICBC's net interest income surged 10% to 237.61 billion yuan, while net fee and commission income gained 9% to 73.23 billion yuan. The lender's net interest margin increased to 2.62% in the first half, versus 2.57% in the year-ago period. ICBC's outstanding nonperforming loans were 105.74 billion yuan at the end of June, versus 93.69 billion at the end of prior year. The lender's nonperforming loan ratio increased to 0.99% at the end of June, versus 0.94% at the end of 2013. ICBC shares fell 2.16% to close at $13.15 yesterday.