ICBC posts slowest gain in net earnings since 2006
Print Edition
THE Industrial and Commercial Bank of China posted a 10 percent annual growth in net profit last year, the slowest since it went public in 2006, as an economic slowdown drags on.
Net profit rose to 262.6 billion yuan (US$42.2 billion) last year from 238.5 billion yuan a year earlier, China’s top lender said in its annual financial results yesterday.
ICBC’s profit growth rate beat investment bank China International Capital Corp’s estimate of 9.1 percent. However, CICC said the profit growth will further weaken to 5.6 percent this year, and 5.1 percent in 2015.
Net fee and commission income at ICBC rose 15.3 percent year on year to 122.3 billion yuan in 2013, which accounted for 21 percent of operating income, up 1.11 percentage points from a year earlier. Net interest income gained 6.1 percent to 443.3 billion yuan.
ICBC’s net interest margin, a measure of loan profitability, shrank from 2.66 percent in 2012 to 2.57 percent last year, further proof that China’s accelerating financial reforms like interest rate liberalization hit its profitability.
Its bad loan ratio rose to 0.94 percent from 0.85 percent a year earlier. The balance of non-performing corporate loans rose from 12.2 million yuan to 73.3 million yuan while the NPL ratio for them was 1.04 percent.
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