August 30, 2018 / 8:46 AM / 2 months ago

China's top bank ICBC H1 profit up 5 pct

SHANGHAI/HONG KONG, Aug 30 (Reuters) - Industrial and Commercial Bank of China, the world’s largest commercial bank, on Thursday reported a 5 percent growth in first-half profit and a stable bad loan ratio.

Profit was 160.4 billion yuan ($23.47 billion) in the six months through June, compared with 153 billion yuan in the same period a year earlier, the bank said in a filing.

The first-half figure implies a net profit of 81.6 billion yuan for the second quarter, up 5.7 percent from 77.2 billion yuan a year ago, according to Reuters calculations.

Analysts had expected a 5.2 percent rise in quarterly net profit, according to four analyst estimates compiled by Reuters. ($1 = 6.8348 Chinese yuan) (Reporting By Engen Tham and Sumeet Chatterjee, Editing by Himani Sarkar)

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