© Reuters. People stand at a booth of Industrial and Commercial Bank of China (ICBC) during the 2022 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS/Tingshu Wang
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BEIJING (Reuters) – Three of China’s largest lenders posted third quarter profit rises of over 6% as non-performing loan ratios shrunk.
Industrial and Commercial Bank of China Ltd (ICBC), the world’s largest commercial lender by assets, said net profit rose 6.8% year-on-year in the third quarter in a Friday filing.
Agricultural Bank of China (OTC:) Ltd (AgBank) and Bank of Communications Co Ltd (BoCom) followed suit with net profit up 6.4% and 6.7%, respectively, in their earnings filings.
All three lenders posted slight falls in non-performing loan ratios in the third quarter. Both ICBC and AgBank posted NPL ratios of 1.4% for the end of September compared to 1.41% at the end of the quarter before.
Meanwhile, BoCom’s NPL ratio fell to 1.41% at the end of September from 1.46 at the end of June.
(This story has been refiled to correct reporting credit)
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