October 25, 2019 / 9:41 AM / 2 months ago

UPDATE 1-China's ICBC, world's largest bank, sees best Q3 profit rise in 5 years

* Q3 net profit 83.78 bln yuan vs 79.19 bln yuan year-ago

* NIM at 2.26% end-Sept vs 2.29% end-June NPL ratio 1.44% end-Sept vs 1.48% end-June (Adds details of results)

BEIJING/SHANGHAI, Oct 25 (Reuters) - Industrial and Commercial Bank of China (ICBC),, the world’s biggest-listed lender by assets, posted on Friday the fastest rise in third-quarter net profit for five years as growth in soured loans slowed.

Net income for state-controlled ICBC came in at 83.78 billion yuan ($11.85 billion) for the three months through September, up 5.8% from 79.19 billion yuan in the same period a year earlier.

The rate of profit growth was above the average forecast of 4.25% drawn from two analysts surveyed by Reuters.

ICBC’s non-performing loan ratio edged down to 1.44% at end-September from 1.48% at end-June.

Its net interest margin narrowed slightly to 2.26% at end-September from 2.29% three months earlier.

Other major Chinese banks, including Bank of China and China Construction Bank will report results next week. ($1 = 7.0699 Chinese yuan renminbi) (Reporting by Cheng Leng in Beijing and Engen Tham in Shanghai; Editing by Muralikumar Anantharaman)

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