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ICBC posts 0.04% YOY increase in Q4'15 net profit

Industrial& Commercial Bank of China Ltd. on March 30 reported a 0.04%year-over-year increase in net profit for the fourth quarter of 2015.

The company's 2015 fourth-quarter net profit attributable toequity holders increased to 55.37 billion yuan from 55.35 billion yuan in 2014.Operating income for the quarter declined year over year to 164.90 billion yuanfrom 165.32 billion yuan.

ICBC's consolidated net profit attributable to equityholders for 2015 rose 0.48% year over year in the aggregate to 277.13 billionyuan, or 77 fen per share, from 275.81 billion yuan, or 78 fen per share.

Net interest income rose to 507.87 billion yuan in 2015 from493.52 billion yuan in 2014. Net fee and commission income rose to 143.39billion yuan from 132.50 billion yuan.

Operating income for the period increased year over year to668.73 billion yuan from 634.86 billion yuan, while operating profit rose to360.91 billion yuan from 359.46 billion yuan. Net interest marginfor 2015 fell to 2.47% from 2.66% for the year prior.

The group's nonperforming loan ratio increased to 1.50% asof the end of 2015 from 1.13% in the prior-year period.

As of Dec. 31, 2015, ICBC's capital adequacy ratio was15.22%, up from 14.53% at Dec. 31, 2014. Its core Tier and Tier 1ratios for the period were 12.87% and 13.48%, respectively, compared to 11.92%and 12.19%, respectively, at the end of 2014.

The company's board proposed a dividend of 23.33 fen pershare for 2015, down from 2014's dividend of 25.54 fen per share.

As of March 29, US$1was equivalent to 6.51 Chinese yuan.