Top China bank ICBC, world’s largest, posts 4.9% H1 profit rise

By Thomson Reuters Aug 30, 2022 | 3:44 AM

BEIJING (Reuters) – Industrial and Commercial Bank of China Ltd (ICBC), the world’s largest commercial lender by assets, said net profit grew 4.9% year-on-year in the first half of this year as the Chinese economy recovered from the COVID-19 pandemic.

Profit was 171.5 billion yuan ($24.82 billion)in the six months through June, compared with 163.47 billion yuan in the same period a year earlier, the bank said in a filing on Tuesday.

The data implies a second quarter net profit of 80.9 billion yuan, up 4% from a year earlier, Reuters calculations show.

($1 = 6.9100 Chinese yuan renminbi)

(Reporting by Engen Tham and Ziyi Tang, Editing by Louise Heavens)