Three of China’s largest lenders report over 6% rise in third quarter profit

1 min read
China International Fair for Trade in Services (CIFTIS) in Beijing

BEIJING (Reuters) – Three of China’s largest lenders posted third quarter profit rises of over 6% as non-performing loan ratios shrunk.

Industrial and Commercial Bank of China Ltd (ICBC), the world’s largest commercial lender by assets, said net profit rose 6.8% year-on-year in the third quarter in a Friday filing.

Agricultural Bank of China Ltd (AgBank) and Bank of Communications Co Ltd (BoCom) followed suit with net profit up 6.4% and 6.7%, respectively, in their earnings filings.

All three lenders posted slight falls in non-performing loan ratios in the third quarter. Both ICBC and AgBank posted NPL ratios of 1.4% for the end of September compared to 1.41% at the end of the quarter before.

Meanwhile, BoCom’s NPL ratio fell to 1.41% at the end of September from 1.46 at the end of June.

(This story has been refiled to correct reporting credit)

(Reporting by Ziyi Tang and Engen Tham; Editing by Susan Fenton and Ana Nicolaci da Costa)