ICBC reports 19.94% rise in net profit for Q3

Oct. 30, 2009 (China Knowledge) - Industrial and Commercial Bank of China<601398><1398>, the world's biggest lender by market value, yesterday reported a better-than-expected 19.94% rise in net profit for the third quarter of this year.

Computed in accordance with International Financial Reporting Standards, ICBC's net profit in the third quarter was RMB 33.6 billion. Total net profit for the first three quarters was RMB 100.54 billion, up 8.02% year on year, whereas last year growth during the period was only 2.99%, according to the bank's third quarter results.

In the first nine months, the bank's net interest income was RMB 178.2 billion, down 9.42% from a year earlier due to a low interest rate.

The lender's outstanding loans increased about RMB 1 trillion or 22.06% from the end of last year to RMB 5.58 trillion at the end of September.

ICBC's net income from fees and commissions rose 18.7% year on year to RMB 41.1 billion, accounting for 18.2% of its total operating revenue.

By the end of the third quarter, ICBC's total assets were RMB 11.67 trillion, up 19.6% from the end of 2008.

In the same period, the bank's nonperforming loans decreased by RMB 11 billion or 10% to RMB 93.5 billion, and its NPL ratio fell 0.61 percentage points to 1.68%.