August 25, 2011 / 9:48 AM / 6 years ago

ICBC H1 net profit rises 29.4 percent

HONG KONG (Reuters) - Industrial and Commercial Bank of China (1398.HK), the world’s most valuable lender, said its first-half net profit rose 29.4 percent to a record, helped by improving net interest margin and higher fee income.

ICBC (601398.SS) said it made a net profit of 109.48 billion yuan in January-June, in line with analysts’ expectations for 106.9 billion yuan, according to a Reuters survey of 9 analysts.

    It was also higher than the 84.6 billion yuan it made the same period last year.

    ICBC, in which Goldman Sachs (GS.N) and American Express (AXP.N) hold stakes, has seen its Hong Kong-listed shares fall by about a quarter in the past three months over fears that there could be a spike in bad loans if the Chinese economy slows.

    Reporting by Kelvin Soh; Editing by Muralikumar Anantharaman and Jacqueline Wong

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