China's ICBC, world's biggest bank, posts 3.3 percent profit rise in first half

Industrial and Commercial Bank of China (1398), the world's largest lender by assets, reported on Friday a 3.3 percent rise in first-half net profit.

Net profit reached 173.682 billion yuan in the first half this year, up from 168.103 billion yuan in the same period a year earlier. 

The results come as slowing credit growth and subdued loan demand weigh on the banking sector's profit outlook.

Net interest margin — a gauge of profitability — was 1.29 percent at the end of June, unchanged from the end of March.

The bank's non-performing loan ratio was 1.29 percent at end-June, compared to 1.31 percent three months earlier.

Reuters

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