BREAKING NEWS

China's ICBC, world's largest bank, posts 5.8% rise in third-quarter profit

China's ICBC, world's largest bank, posts 5.8% rise in third-quarter profit
A man walks past a branch of Industrial and Commercial Bank of China (ICBC) in Beijing, China April 1, 2019. REUTERS/Florence Lo/Files -
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FLORENCE LO(Reuters)
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BEIJING/SHANGHAI (Reuters) – Industrial and Commercial Bank of China (ICBC) <601398.SS>, <1398.HK>, the world’s biggest-listed lender by assets, reported on Friday a 5.8% rise in third-quarter net profit.

Net income for state-controlled ICBC came in at 83.78 billion yuan ($11.85 billion) for the three months through September, compared to 79.19 billion yuan in the same period a year earlier.

The rate of profit growth was above an average forecast of 4.25% drawn from two analysts surveyed by Reuters.

($1 = 7.0699 Chinese yuan renminbi)

(Reporting by Cheng Leng in Beijing and Engen Tham in Shanghai; Editing by Muralikumar Anantharaman)

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