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ICBC FY'17 net profit rises 2.80% YOY; raises dividend

Industrial & Commercial Bank of China Ltd. reported a 2.80% year-over-year increase in net profit for full year 2017.

The lender said net profit attributable to equity holders of the parent company rose to 286.05 billion yuan for the year ended Dec. 31, 2017, from 278.25 billion yuan in the prior-year period.

EPS increased to 79 fen from 77 fen. The S&P Capital IQ consensus GAAP and normalized EPS estimates for the company's Hong Kong-listed shares were both 79 fen, while the GAAP and normalized EPS estimates for its Shanghai-listed shares were both 80 fen.

ICBC's net interest income climbed to 522.08 billion yuan from 471.85 billion yuan, while net fee and commission income fell to 139.63 billion yuan from 144.97 billion yuan.

Operating income for the full year increased to 675.65 billion yuan from 641.68 billion yuan, while operating profit edged up to 361.69 billion yuan from 360.68 billion yuan.

Net interest margin rose to 2.22% for 2017, from 2.16% in the prior year.

The bank's operating expenses fell to 186.19 billion yuan from 193.11 billion yuan. Meanwhile, impairment losses climbed to 127.77 billion yuan from 87.89 billion yuan.

For the fourth quarter of 2017, ICBC's net profit attributable to equity holders of the parent company rose to 58.05 billion yuan, from 55.46 billion yuan in the year-ago quarter.

The lender's nonperforming loan ratio declined year over year to 1.55% at end-2017, from 1.62% at end-2016.

ICBC's capital adequacy ratio was 15.14% as of Dec. 31, 2017, up from 14.61% as of Dec. 31, 2016. Its core Tier 1 capital adequacy ratio slid to 12.77% from 12.87%, while its Tier 1 capital adequacy ratio also dipped to 13.27% from 13.42%.

Further, the bank's board proposed a dividend of 24.08 fen per share for 2017, up from 23.43 fen per share in the prior year.

As of March 26, US$1 was equivalent to 6.27 Chinese yuan.