Industrial and Commercial Bank of China
(ICBC), China’s biggest lender, has posted a net profit of
CNY84.6bn ($14.43bn) for the six months to 30 June, up 27.3% from
the year ago period.
Net interest income grew by 24% to CNY143.3bn,
but lending growth of only 10% (down from 19% a year earlier)
highlighted the slowing demand for credit.
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In the first half, ICBC’s non-performing loans
balance and NPL ratio declined for the 11th consecutive year. As at
the end of the first half, ICBC’s NPL ratio decreased to 1.26%,
down 28 basis points from the end of 2009.
ICBC said that its online channel accounted
for 54.6% of the bank’s total business in the first half, an
increase of 4.5 percentage points from the start of the year.
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