March 27, 2018 / 9:01 AM / in a year

China's biggest bank ICBC posts higher Q4 profit, beats consensus

SHANGHAI/BEIJING, March 27 (Reuters) - Industrial and Commercial Bank of China Ltd (ICBC) , the country’s biggest-listed lender, reported on Tuesday a 4.7 percent rise in net profit for the fourth quarter.

State-controlled ICBC, one of the world’s largest banks by market capitalisation and assets, posted a net profit of 58.1 billion yuan ($9.3 billion) for the three months to December, versus 55.5 billion yuan in the same period a year ago.

That was above the 2.8 percent average net profit growth estimate of analysts surveyed by Thomson Reuters.

ICBC’s non-performing loan (NPL) ratio dropped slightly to 1.55 percent at end-2017, from 1.56 percent at end-September. ($1 = 6.2745 Chinese yuan) (Reporting by Engen Tham in Shanghai and Matthew Miller in Beijing; Editing by Himani Sarkar)

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