Top China bank ICBC reports flat 2023 profit
- Net profits up 0.79% on year in 2023
- NIM at 1.61% end Dec vs 1.67% end-Sept
- NPL ratio remains flat at 1.36% end-Dec
Industrial and Commercial Bank of China Ltd (ICBC) 
601398 posted a 0.79% rise in 2023 net profit, the world's largest lender by assets said in a filing on Wednesday.
The profit of 363.99 billion yuan ($50.37 billion) slightly exceeded an estimate of 359 billion yuan in a poll of 19 analysts, LSEG data showed.
ICBC and Bank of Communications Co Ltd 
601328< 3328.HK>, which kicked off earnings reporting of China's five biggest state banks, reported barely any profit growth in 2023 amid a sputtering economy.
ICBC's net interest margin - a key gauge of profitability, stood at 1.61% at the end of last year, narrowed from 1.67% at the end of September in 2023.
ICBC said it has increased risk controls of real estate loans.
"The Bank strengthened intelligent monitoring and early warning of real estate loans, developed differentiated risk control plans for each real estate customer, and accelerated the risk disposal of key real estate enterprises," it said.
Earlier, BoCom said it needed to strengthen risk control over the sector.
ICBC posted a non-performing loan ratio of 1.36% at the end of 2023, unchanged from the end of September. Its real estate non-performing loan ratio was 5.37% at the end of last year, compared to 6.14% a year earlier.
($1 = 7.2265 Chinese yuan renminbi)