Industrial & Commercial Bank of China Ltd. (ICBC) (01398.HK, 601398.CN) reported a 263 billion yuan (US$42.32 billion) net profit for 2013, representing a year-on-year increase of 10.2 percent, the 21st Century Business Herald reported Friday. The growth figure was lower than the 14.5 percent reported by Agricultural Bank of China Ltd. (01288.HK, 601288.CN) and Bank of China Ltd.’s (03988.HK, 601988.CN) 12.35 percent, the report said. ICBC’s non-performing loan ratio also went up by nine basis points to 0.94 percent, the first time it has risen in 13 years. During the year, ICBC had more than 300 subsidiaries operating in 40 countries and regions, and the assets of its overseas operations were worth US$209.10 billion, up 28.5 percent year on year, the report said.
– Contact HKEJ at [email protected]