Chinese bank ICBC says 1Q profit up 6 percent

Apr 27th, 2009 - Forbes

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Industrial & Commercial Bank of China Ltd., the country's biggest commercial lender by assets, said Monday its quarterly profit rose 6 percent from a year earlier despite a double-digit fall in interest income.

Profit for the three months ending March 31 was 35.1 billion yuan ($5.1 billion), or 0.11 yuan per share, the Beijing-based lender said.

Net interest income fell 12.9 percent from a year earlier to 57.8 billion yuan ($8.4 billion) as the spread between benchmark rates and financial market rates narrowed, the bank said. Other lenders have suffered a similar squeeze after repeated rate cuts by China's central bank to boost economic growth amid the global financial crisis.

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