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CORRECTED-ICBC 2013 Q4 profit rises 7.9 pct, beats estimates
March 27, 2014 / 8:42 AM / 4 years ago

CORRECTED-ICBC 2013 Q4 profit rises 7.9 pct, beats estimates

(Corrects net profit figures and percentage changes)

SHANGHAI, March 27 (Reuters) - Industrial and Commercial Bank of China Ltd (ICBC) said on Thursday net profits rose 7.9 percent in the fourth quarter of 2013, beating estimates, due to strong growth in interest income.

Net profit rose to 57.1 billion yuan ($9.2 billion) in the fourth quarter from 52.9 billion yuan in the same year-ago period and higher than an average estimate of 52.5 billion yuan made by ten analysts polled by Thomson Reuters.

For the whole of 2013, net profit rose to 262.7 billion yuan from 238.5 billion yuan a year earlier, China’s biggest bank said in its earnings statement.

ICBC’s non-performing loan ratio rose to 0.94 percent at end-December 2013, from 0.91 percent at end-September.

Interest income increased by 8.7 percent in the fourth quarter to 116.0 billion yuan, while fees and commissions rose 1.7 percent to 26.8 billion yuan.

The bank’s net interest margin was 2.57 percent at the end of 2013, from 2.57 percent at the end of June. ($1 = 6.2094 Chinese Yuan) (Reporting by Gabriel Wildau; Editing by Miral Fahmy)

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