HONG KONG: Industrial and Commercial Bank of China, the world's most valuable lender, said its first-half net profit rose 29.4 percent to a record, helped by improving net interest margin and higher fee income.
ICBC said it made a net profit of 109.48 billion yuan in January-June, in line with analysts' expectations for 106.9 billion yuan, according to a Reuters survey of 9 analysts.
It was also higher than the 84.6 billion yuan it made the same period last year.
ICBC, in which Goldman Sachs and American Express hold stakes, has seen its Hong Kong-listed shares fall by about a quarter in the past three months over fears that there could be a spike in bad loans if the Chinese economy slows.
Copyright Reuters, 2011
Comments
Comments are closed.