ICBC profit growth slows, outlook positive

Industrial and Commercial Bank of China (601398.SH, 1398.HKG), the country’s largest lender by assets, said that 2012 was its slowest year for profit growth since IPO but offered an upbeat outlook for 2013, The Wall Street Journal reported. ICBC said its net profit for 2012 rose by approximately 15% year-on-year to US$38.41 (RMB 238.53 billion), higher than the US$37.16 billion average from an analyst roundup by Thomson One Analytics. While ICBC said its non-performing loan (NPL) ratio was down to 0.85% from 0.94% a year earlier, the bank did set aside more money in 2012 to buffer against potential future bad loans.