ICBC and BoCom post profit gains in Q3
By Hu Xiaocen |
October 31, 2012, Wednesday
|
Print Edition
Print Edition
INDUSTRIAL and Commercial Bank of China reported an annual 15 percent increase in third-quarter net earnings while Bank of Communications posted a 12 percent profit rise.
China's top five banks, ICBC, China Construction Bank, Agricultural Bank of China, Bank of China and BoCom reported a combined net profit of 202 billion yuan in the period with an average annual growth rate of 14 percent.
ICBC, the nation's biggest lender, posted net income of 62.4 billion yuan (US$9.9 billion) during the July-September period. Net profit was 185.6 billion yuan in the first nine months under international accounting rules, the lender said yesterday.
Net interest income rose 16 percent year on year in the third quarter to 107.3 billion yuan.
Its net interest rate margin was 2.66 percent by the end of June.
Bad loans dropped 373 million yuan from June 30 in the three months ended September 30, while its bad loan ratio slid 0.02 percentage points to 0.87 percent.
Fee and commission income increased 2 percent annually to 24.9 billion yuan in the third quarter
BoCom, China's fifth-biggest lender, recorded net income of 13.4 billion yuan in the third quarter. Net earnings amounted to 44.5 billion yuan in the first nine months, according to its third-quarter financial results under Chinese accounting rules.
China's top five banks, ICBC, China Construction Bank, Agricultural Bank of China, Bank of China and BoCom reported a combined net profit of 202 billion yuan in the period with an average annual growth rate of 14 percent.
ICBC, the nation's biggest lender, posted net income of 62.4 billion yuan (US$9.9 billion) during the July-September period. Net profit was 185.6 billion yuan in the first nine months under international accounting rules, the lender said yesterday.
Net interest income rose 16 percent year on year in the third quarter to 107.3 billion yuan.
Its net interest rate margin was 2.66 percent by the end of June.
Bad loans dropped 373 million yuan from June 30 in the three months ended September 30, while its bad loan ratio slid 0.02 percentage points to 0.87 percent.
Fee and commission income increased 2 percent annually to 24.9 billion yuan in the third quarter
BoCom, China's fifth-biggest lender, recorded net income of 13.4 billion yuan in the third quarter. Net earnings amounted to 44.5 billion yuan in the first nine months, according to its third-quarter financial results under Chinese accounting rules.
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