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Financials

China's top bank ICBC posts 4.2% rise in quarterly profit, beats estimates

BEIJING/SHANGHAI, March 27 (Reuters) - Industrial and Commercial Bank of China (ICBC),, the world’s biggest-listed lender by assets, reported a 4.2% rise in fourth quarter net profit on Friday, beating expectations.

Net income for the three months ended December rose to 60.512 billion yuan ($8.53 billion) from 58.05 billion yuan a year earlier, the bank said in a filing. Profits for the full year rose 4.89% to 312.224 billion yuan.

Analysts had expected a quarterly profit of 58 billion yuan, according to Refinitiv SmartEstimate and a Reuters calculation. For the year, analysts were expecting 310 billion yuan.

SmartEstimates give more weight to recent estimates by analysts who are more consistently accurate. ($1 = 7.0904 Chinese yuan renminbi) (Reporting by Zhang Yan, Cheng Leng in Beijing, Engen Tham in Shanghai; Editing by Himani Sarkar and Edmund Blair)

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