ICBC half-year profit up 4.9% to $23.47b

This represents the fastest earnings growth in four years.

CNBC reports that China's top bank, ICBC opened the year on strong financial footing after profis rose 4.9% YoY to $23.47b (CNY160.44b) to represent its fastest earnings growth since 2014.

Net interest income also picked up by 11% YoY $40.63b (CNY277.62b).

The results come in line with other big state-owned banks who have witnessed enhanced profitability in 2018 as China’s widespread crackdown on financial sector risk gave them an edge over smaller peers who have bearing the brunt of the deleveraging fallout.

Also read: More bailouts loom as staggering bad loans batter Chinese rural banks

ICBC’s bad loan ratio fell alongside its state-owned peers from 1.55% to 1.54% in June which translates to $33.66b (CNY229.98b) in nonperforming loans. The decrease is in stark contrast to the rest of the commercial banking sector which registered its highest NPL ratio in nine years.

Here’s more from CNBC:

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