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China’s ICBC bank posts negative profit growth for second quarter
Industrial and Commercial Bank of China, the world’s largest lender by assets, said on Thursday that net profits for the second quarter of the year fell below those from the same time last year.
The bank brought in about 74.7 billion yuan between April and June this year, a decrease of 0.13 per cent on the period last year.
It was the second time since 2009 that the bank posted negative quarterly profit growth and a sign that China’s massive state-owned banks were feeling the pressure of China’s slowing economy. A year earlier, the bank posted 7 per cent year-on-year growth.
At the same time, ICBC’s non-performing loan ratio climbed 11 basis points in the three-month period to 1.40 per cent.
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