ICBC Joins Bank of China in Breaching Bad-Loan Coverage Rule
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Industrial & Commercial Bank of China Ltd., the world’s largest lender by assets, avoided posting a quarterly drop in profit after letting its buffer for covering bad loans fall below a regulatory minimum.
The bank’s provisions for bad loans stood at 141.2 percent of existing nonperforming credit, compared with a regulatory minimum of 150 percent, the Beijing-based lender said in a statement to Hong’s Kong stock exchange on Thursday.