© Stocksak. During the 2022 China International Fair for Trade in Services, (CIFTIS), people stand at a booth of Industrial and Commercial Bank of China. REUTERS/Tingshu Wang
BEIJING (Stocksak), – Three of China’s largest lenders reported third quarter profit increases of more than 6%, as non-performing loan ratios decreased.
According to Friday filings, Industrial and Commercial Bank of China Ltd. (ICBC), which is the largest commercial lender in the world by assets, reported that net profit increased 6.8% in the third quarter.
Agricultural Bank of China Ltd (OTC:) Ltd (“AgBank”) and Bank of Communications Co Ltd (“BoCom”) followed suit with net profits of 6.4% and 6.7%, respectively in their earnings filings.
All three lenders experienced slight drops in non-performing loans ratios during the third quarter. AgBank and ICBC posted NPL ratios that were 1.4% at the end September, compared to 1.41% at quarter’s end.
BoCom’s NPL ratio decreased to 1.41 at the end September, from 1.46 at June’s end.
(This story has been corrected to credit the correct reporting credit.