China's ICBC, world's biggest bank, posts 3.31pc profit rise in first quarter

Industrial and Commercial Bank of China (1398), the world's largest lender by assets, reported on Wednesday a 3.31 percent rise in first-quarter net profit.

Net profit reached 86.941 billion yuan in the first quarter this year, up from 84.156 billion yuan a year earlier.

The profit is in line with three analysts' average estimate of 86.204 billion yuan, according to data compiled by Reuters.

Net interest margin - a gauge of profitability - was 1.29 percent at the end of March, compared to 1.28 percent at the end of December.

The bank's non-performing loan ratio was 1.31 percent at end-March, remaining the same as three months earlier.

Reuters

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