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ICBC posts 5.80% YOY increase in Q3 net profit

Industrial & Commercial Bank of China Ltd. reported a 5.80% year-over-year increase in net profit for the quarter ended Sept. 30.

ICBC, the world's largest bank by total assets, said net profit attributable to equity holders for the third quarter rose to 83.78 billion yuan from 79.19 billion yuan in the prior-year period. EPS for the quarter increased year over year to 24 fen from 22 fen.

Net interest income grew to 153.85 billion yuan from 146.01 billion yuan. Net fee and commission income also climbed year over year, to 36.13 billion yuan from roughly 34.48 billion yuan.

The bank's operating income increased to 190.48 billion yuan from 178.58 billion yuan, and operating profit rose to 103.44 billion yuan from 98.60 billion yuan.

Impairment losses on assets grew to 38.58 billion yuan from 33.48 billion yuan. Annualized net interest margin stood at 2.26%.

For the nine months ended Sept. 30, the group reported a 5.04% year-over-year increase in net profit attributable to equity holders to 251.71 billion yuan from 239.63 billion. EPS for the period climbed 5.97% year over year to 71 fen from 67 fen.

As of Sept. 30, the group's nonperforming loan ratio came in at 1.44%, down 8 basis points from the end of 2018.

Based on the Regulation Governing Capital of Commercial Banks (Provisional), the group's capital adequacy ratio as of Sept. 30 came to 16.65%, up from 15.39% at Dec. 31, 2018. Over the same period, the group's core Tier 1 ratio fell to 12.93% from 12.98%, while its Tier 1 ratio increased to 14.16% from 13.45%.

As of Oct. 24, US$1 was equivalent to 7.07 Chinese yuan.