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ICBC H1 net profit rises 4.7% YOY

Industrial & Commercial Bank of China Ltd. posted a 4.7% year-over-year increase in net profit for the six months ended June 30.

The bank's net profit attributable to equity holders rose to 167.93 billion yuan from 160.44 billion yuan in the year-ago period. The lender posted EPS of 47 fen, up from 45 fen in the prior-year period.

Net interest income increased year over year to 299.30 billion yuan from 277.62 billion yuan, and net fee and commission income came to 88.50 billion yuan, compared to 79.26 billion yuan in the prior-year period.

Operating income rose to 394.20 billion yuan from 361.30 billion yuan. Operating profit grew to 207.87 billion yuan from 195.89 billion yuan in the prior-year period.

The bank said impairment losses on assets stood at 99.18 billion yuan, compared to 83.46 billion yuan in the prior-year half.

Net interest margin for the period clocked in at 2.29%, down from 2.30% in the prior-year period.

The company's nonperforming loan ratio clocked in at 1.48% as of June 30, down from 1.52% at Dec. 31, 2018.

As of June 30, the company's capital adequacy ratio clocked in at 15.75%, up from 15.39% at Dec. 31, 2018. The lender's core Tier 1 ratio for the period was 12.74%, down from 12.98% at Dec. 31, 2018, while its Tier 1 ratio fell to 13.19% from 13.45% over the same period.

As of Aug. 28, US$1 was equivalent to 7.16 Chinese yuan.