ICBC first-quarter income up 1.4%
(4 May 2015 – China) The world’s largest lender, Industrial & Commercial Bank of China Ltd (ICBC) has reported a net income of RMB74.3 billion (A$15 billion) for the three months ended 31 March.
While the net income increased 1.4 percent, this is the lowest first-quarter growth since 2006.
Income from fee-based services dropped, while bad-loan charges surged.
Non-performing loans at ICBC rose 17 percent in the three months to RMB145.5 billion.
The bank set aside RMB20.8 billion of provisions against potential bad loans in the quarter, 52 percent more than a year earlier.
Net fee and commission income fell 1.3 percent from a year earlier to RMB37.2 billion.
Earnings have been affected by a slower expansion in the Chinese economy.
Government efforts to rein in shadow banking along with the property slump have made it hard for regulators to sustain the pace of economic growth.
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