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ICBC Q1 net profit rises 0.6% YOY

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ICBC Q1 net profit rises 0.6% YOY

Industrial& Commercial Bank of China Ltd. posted a 0.6% year-over-yearincrease in net profit for the first quarter ended March 31.

Profit attributable to the bank's equity holders rose to 74.76billion yuan from 74.32 billion yuan in the prior-year quarter. EPS for thequarter remained flat year over year at 21 fen.

Net interest income declined to 118.81 billion yuan from125.28 billion yuan in the prior-year quarter, while net fee and commissionincome climbed year over year to 43.49 billion yuan from 37.21 billion yuan.

The bank's operating income rose to 168.99 billion yuan from165.81 billion yuan in the prior-year period. Operating profit increased to97.41 billion yuan from 96.15 billion yuan.

Annualized net interest margin was 2.28%, down 19 basispoints from the same period in 2015 due to the continuing impact of thePeople's Bank of China's five interest rate cuts since 2015.

The bank's balance of nonperforming loans totaled 204.66 billionyuan. The NPL ratio was 1.66%, while the allowance to NPL stood at 141.21%.

Under the latest capital rules, the group core Tier 1capital adequacy ratio stood at 12.87%, the same as of the end of 2015, whilethe Tier 1 capital adequacy ratio was 13.45%, down from 13.48% in December2015. The capital adequacy ratio clocked in at 14.66%, down from 15.22% inDecember 2015. All ratios met regulatory requirements.

As of April 27, US$1was equivalent to 6.50 Chinese yuan.