Industrial and Commercial Bank of China Limited (OTC: IDCBY), the world's biggest bank by assets, reported a 4.9% rise in its net income at 171.506 billion yuan ($24.8 billion) for the six months ended June compared to the same period last year.
The bank witnessed its net interest income, which is the difference between interest earned and interest expended, grow by 4.5% to 351.425 billion yuan. Non-interest income rose 2.5% in the same period to 92.363 billion yuan.
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Asset Quality: ICBC's asset quality improved marginally as its non-performing loans ratio stood at 1.41% in the first half of 2022 compared to 1.42% in the same period last year. The lender's annualized net interest margin stood at 2.03%.
According to the lender, its domestic loans increased by 1.61 trillion yuan in the first half of the year, witnessing a record-high growth. The bank's total assets stood at 38 trillion yuan.
Outlook: In its outlook, ICBC said the Chinese economy demonstrates strong resilience and great potential, with its long-term good prospects remaining unchanged.
"Its economic growth is expected to maintain within an appropriate range and its enormous growth potential will be unleashed. That will provide favorable conditions for the banking industry to continue to improve its strength and drive high-quality development," the lender said.