Top Chinese lender ICBC Q3 net profit up 76 pct
Thu Oct 25, 2007 11:46am BST
HONG KONG, Oct 25 (Reuters) - Industrial and Commercial Bank of China Ltd (1398.HK: Quote, Profile, Research), the world's biggest bank by market value, posted a 76 percent jump in third-quarter profit on Thursday, thanks to a widening interest margin and fee income growth.
ICBC (601398.SS: Quote, Profile, Research) reported July-September earnings of 22.46 billion yuan (US$3 billion), compared with 12.8 billion yuan a year ago.
ICBC raised US$21.9 billion in an initial public offering in Hong Kong and Shanghai last year -- the world's largest IPO.
Its Hong Kong shares have since risen 45 percent this year, lagging a 50 percent rise in the benchmark Heng Seng Index (.HSI: Quote, Profile, Research). Its Shanghai-listed shares have jumped 23 percent.
The company said the fair value of its U.S. subprime mortgage-backed securities was 1.62 billion yuan lower than their amortised cost as of the end of September. In August, ICBC said it held US$1.23 billion in mortgage-backed securities, and that it had not incurred any losses on the portfolio.
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