ICBC Profit Growth Slows as China Banks’ Overdue Loans Rise
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Industrial & Commercial Bank of China Ltd. led the nation’s biggest lenders in posting slower profit growth as a sluggish economy curtailed demand for financial services and more borrowers defaulted on debt.
Net income at ICBC, the world’s largest lender by market value, climbed 11 percent in the second quarter to 61.8 billion yuan ($9.7 billion), according to first-half figures reported yesterday by the Beijing-based company. Combined earnings of China’s five biggest banks increased 13 percent to 203.6 billion yuan in the quarter, slowing from 33 percent a year earlier.