(IDCBY) – China’s ICBC, the world’s largest bank by assets, sees first-half net profit soar to nearly $25 billion: here’s its outlook

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Industrial and Commercial Bank of China Limited IDCBYthe world’s largest bank by assets, reported a 4.9% increase in net profit to 171.506 billion yuan ($24.8 billion) for the six months ended June compared to the same period last year.

The bank saw its net interest income, which is the difference between interest earned and interest spent, rise 4.5 percent to 351.425 billion yuan. Non-interest income rose 2.5% over the same period to 92.363 billion yuan.

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Asset quality: ICBC’s asset quality improved slightly, with its non-performing loan ratio standing at 1.41% in the first half of 2022, compared to 1.42% in the same period last year. The lender’s annualized net interest margin is 2.03%.

According to the lender, its domestic lending increased by 1.61 trillion yuan in the first half of the year, registering record growth. The bank’s total assets stood at 38 trillion yuan.

Outlook: In its outlook, ICBC said China’s economy is showing strong resilience and great potential, with its good long-term outlook remaining unchanged.

“Its economic growth should stay within an appropriate range and its enormous growth potential will be unleashed. This will create favorable conditions for the banking sector to continue to improve its soundness and foster high-quality development,” the lender said.

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