ICBC Q1 net profit rises 14 pct

Industrial and Commercial Bank of China (ICBC), the nation's largest lender by market value, said Friday its net profit rose 14 percent year on year to 61.34 billion yuan (9.77 billion U.S. dollars) in the first quarter of 2012.

The first-quarter profit slowed from an annual growth rate of 25.6 percent in 2011 and fell below market estimates, showing the impact of a moderating economy.

Earnings per share reached 0.18 yuan in the first three months, and operating revenues gained 14.69 percent year on year to 130 billion yuan, ICBC said in a statement.

Net interest income, or revenues from borrowers minus interest paid to depositors, increased 15.74 percent year on year to 98.82 billion yuan, while net income from commissions and service fees climbed 10.39 percent to 28.62 billion yuan.

The capital adequacy ratio stood at 13.13 percent at the end of March, down from 13.17 percent at the end of 2011.

Non-performing loans outstanding declined by 192 million yuan from the end of 2011 to 72.82 billion yuan, with the non-performing loan ratio down 0.05 percentage points to 0.89 percent.

Bank of China (BOC), the country's third-largest lender by assets, also reported a slowdown in year-on-year net profit growth from 18.93 percent last year to 9.82 percent in the first quarter, according to a BOC statement issued Thursday.

China's economy expanded 8.1 percent year on year in the first quarter, marking the slowest pace in almost three years, due to flagging exports and a softening property sector.