ICBC’s profit edges up
Print Edition
THE Industrial and Commercial Bank of China, the country’s biggest lender, eked out a 5 percent gain in net profit last year in the face of “complex” domestic and overseas environments, it said yesterday.
Net profit was 275.81 billion yuan (US$$44.4 billion) in 2014, up from 262.65 billion yuan a year earlier, ICBC said in a statement to the Hong Kong stock exchange.
The bank cited China’s slowing economic growth and a rebound in bad debts as having an impact on its operations.
ICBC’s non-performing loan ratio was 1.13 percent by end-December, up from 0.94 percent a year earlier, the statement said, due to slowing economic growth and the “pain” of economic restructuring.
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