You don’t get bigger or more stable than Industrial and Commercial Bank of China. The Beijing-based outfit, overseen by chairman Chen Siqing, is the world’s largest commercial lender by assets.
Net profits rose 9.87% year on year in the first half of 2021, to Rmb163.5 billion ($25.6 billion), and by 10.6% on an annualised basis in the three months to the end of September.
Trading income, a key driver of growth all year, jumped 261% year-on-year in the third quarter, to Rmb10.1 billion, with operating income up 9.9% over the same period, to Rmb217.5 billion.
Across the board, ICBC’s numbers reflect the bank’s position at the heart of an economy tipped by the IMF to expand by 8% in 2021, but then to see growth slip into the 5% to 6% range.
Its non-performing loan ratio was 1.52% at the end of September 2021, down from 1.58% at the end of last year.
