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ICBC profit up 19 percent amid surge in lending

ICBC profit up 19 percent amid surge in lending

Industrial & Commercial Bank of China Ltd., the country's biggest commercial lender, said Thursday its quarterly profit jumped 19 percent amid a surge in lending and a stimulus-driven economic rebound.
Profit for the three months ended Sept. 30 was 33.8 billion yuan ($4.9 billion), or 0.10 yuan (1 U.S. cent) per share, the Beijing-based bank said.
The bank, the world's most valuable bank by market capitalization, said it lent just over 1 trillion yuan ($146 billion) in the first nine months of the year as it ramped up credit to support the government's stimulus spending. Fees and commissions rose nearly 19 percent in the third quarter from a year earlier.
ICBC and other Chinese banks have benefited from a stimulus-fueled economic rebound that boosted Chinese third-quarter growth to 8.9 percent over a year earlier. They are isolated from global financial flows and largely avoided the credit turmoil that battered Western lenders.
ICBC said its assets rose to 11.7 trillion yuan ($1.7 trillion) as of the end of September.
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Updated : 2021-03-02 16:38 GMT+08:00