ICBC Reports Nearly 10 Percent Q3 Profit Rise
Industrial and Commercial Bank of China reported a nearly ten percent rise in third quarter net profit to reach 111.96 billion yuan. The results indicate a partial recovery amid a prolonged property crisis.
Insights:
Industrial and Commercial Bank of China posted a 9.97% rise in third-quarter net profit to 111.958 billion yuan ($16.82 billion) on Friday morning. The result highlights a rebound for the lender after years of squeezed profitability. China remains weighed down by weak credit demand and a slowing economy.
