ICBC sees profits rise by 6% in Q1

by Richard Kilner

Story link: ICBC sees profits rise by 6% in Q1

The Industrial and Commercial Bank of China (ICBC) has reported its financial results for the first quarter of this year.

The ICBC saw post-tax profits rise by a little over 6%, on a like-for-like comparison, to reach RMB 35.289bn.

Its earnings per share rose by 10% to hit RMB 0.11.

In addition to steadily growing profits, the bank has also reduced both the quantity and the ratio of its non-performing loans, with its provision coverage rate up 1.87% at 132%.

The bank’s balance of deposits are also up, rising by RMB 900bn and now stand at RMB 9.1 trillion, the largest in the world.

The relentless improvement in the ICBC’s financial results comes shortly after it recorded a number of award successes, including being named as the Best Bank in Investment Banking by Securities Times.