BEIJING, April 28 (Reuters) - Industrial and Commercial Bank of China Ltd (ICBC) , the world’s biggest lender by assets, said on Friday net profit grew 1.37 percent in the first quarter, below expectations.
Profit was 75.8 billion yuan ($10.99 billion) in the three months through March from 74.8 billion yuan in the same period a year earlier, the bank said in a statement.
Analysts had expected 76.5 billion yuan in first-quarter net profit, according to three brokerage estimates compiled by Reuters.
ICBC’s non-performing loan ratio was 1.59 percent at end-March, down from 1.62 percent at the end of December. ($1 = 6.8972 Chinese yuan renminbi) (Reporting by Shu Zhang and Engen Tham; Editing by Stephen Coates and Muralikumar Anantharaman)