ICBC profits increase 15%

The mainland’s largest lender Industrial & Commercial Bank of China (601398.SH, 1398.HKG) reported that third-quarter profits increased 15% from the previous year because of higher net interest and fee income, The Wall Street Journal reported. On Tuesday, the bank said its profits of US$10 billion exceeded the US$9.6 billion average forecast of five analysts polled by Dow Jones Newswires, rising from US$8.7 billion in the same period last year. The state-run bank said its net interest income was up 16% to US$17.2 billion, which accounted for 70% of its operating income. The bank’s net fee and commission income rose 1.5% to US$4 billion the previous year. ICBC joins fellow Big Four banks Bank of China (601988.SH, 3988.HKG)and Agricultural Bank of China (601288.SH, 1288.HKG) in reporting income that beat expectations, while China Construction Bank (601939.SH, 0939.HKG) results were in line with consensus.