ICBC Asia net profit rise 9.58% to $547.2m in H1

Non-interest income rose by 67.01%, although fee and commissions declined.

The Industrial and Commercial Bank of China (Asia) (ICBC Asia) reported a consolidated profit attributable to shareholders of HK$4.26b (approximately US$547.2m) in the first six months of 2024 that ended on 30 June.

Profit is 9.58% higher than the HK$3.88b achieved in the same period in 2023, the bank said in an SGX filing in November 2024.

Net interest income is HK$118m (US$15.16m) for H1, higher by 2.33% compared to H1 2023.

Net fee and commissions income is 5.29% year-on-year (YoY) lower at HK$985m (almost US$122.93m).

Non-interest income jumped 67.01% YoY to HK$2.59b (US$332.68m) in H1.

Operating expenses rose by 10.27% YoY to HK$204m (US$26.2m).

Net provision for expected credit loss on loans and advances was HK$169m. About HK$642m was made as additional provision for credit-impaired exposures, ICBC Asia reported.

As of 30 June 2024, total assets were HK$943.28b (US$121.16b) , rising by 2.98% compared to its financial position on 31 December 2023.

Customer deposits amounted to HK$625.84b (US$80.39b).

(US$1 = HK$7.79. Conversion as of 18 November 2024, 12:52 PM)