ICBC Posted Flat Net Profit in Third Quarter as Credit Costs Dropped
By Kosaku Narioka
Industrial & Commercial Bank of China posted flat net profit in the third quarter, as lower credit costs helped offset weaker earnings from the bank's lending and other regular operations.
The Chinese bank said Friday that net profit was 94.93 billion yuan ($12.98 billion) for the three months ended Sept. 30, compared with CNY94.90 billion a year earlier. That exceeded the estimate of CNY92.99 billion in a poll of analysts by Visible Alpha.
ICBC said net interest income, the bank's primary source of earnings, fell 6.4% from a year earlier to CNY164.54 billion, as loan interest rates have fallen in the country. Net fee and commission income also dropped 13% to CNY25.77 billion.
Meanwhile, impairment losses on assets decreased 29% from a year earlier to CNY25.56 billion as the domestic economy continues to recover from a slump caused by the pandemic and related restrictions.
The lender's nonperforming-loan ratio declined to 1.36% at the end of September from 1.38% at the end of 2022, while total loans and advances to customers were at CNY25.782 trillion, up 11% from the end of last year.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
October 27, 2023 05:34 ET (09:34 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing
-
Going Into Earnings, Is Nvidia Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Arista Stock a Buy, a Sell, or Fairly Valued?
-
A Cheap Dividend Aristocrat to Buy Before It Bounces Back
-
Alibaba Earnings: More Positive Outlook Despite Mixed Results
-
After Earnings and a 56% Rally In 2024, Is Arm Stock a Buy, a Sell, or Fairly Valued?
-
How Morningstar Rates Stocks
-
After Earnings, Is Disney Stock a Buy, a Sell, or Fairly Valued?