UPDATE 1-Chinese bank ICBC posts 3% profit rise despite pandemic [Reuters (UK)]
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Source: Reuters
Chinese bank ICBC posts 3% profit rise despite pandemic - Reuters 3 Min Read BEIJING/SHANGHAI (Reuters) - Industrial and Commercial Bank of China Ltd (ICBC) ( 601398.SS ), ( 1398.HK ), the world’s biggest commercial lender by assets, said net profit grew 3.04% in the first quarter despite the impact of the coronavirus pandemic. Profit rose to 84.49 billion yuan ($11.94 billion) in the three months through March from 82.01 billion a year earlier, the bank said in a filing on Tuesday. The results from China’s biggest commercial lender marked the slowest growth in its first quarter earnings since 2017, according to Reuters calculations. China’s economy posted the first quarterly contraction since at least 1992 due to the coronavirus pandemic. The government restricted people from travelling and going back to work to contain the spread, reducing revenue for companies and income for residents. ICBC’s non-performing loan (NPL) ratio was 1.43% at end-March, the same level as the end of D
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