ICBC More Than Doubles Bad-Loan Provisions as Economy Cools
- World's biggest bank reports 0.5% quarterly profit gain
- Lender's earnings underscore weak bank reporting season
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Industrial & Commercial Bank of China Ltd., the world’s largest lender by assets, reported a 0.5 percent increase in quarterly profit from a year earlier as it more than doubled provisions for bad loans.
Net income climbed to 72.7 billion yuan ($11.5 billion) in the three months ended Sept. 30, a Hong Kong exchange filing showed Friday. That was close to the 72.8 billion yuan average of three analyst estimates compiled by Bloomberg.