CBC posts 12.4% increase in H1 net profit

Industrial and Commercial Bank of China (ICBC), the nation's largest lender, said on Thursday that its net profit rose 12.4 percent year on year in the first half of the year to 138.5 billion yuan (22.3 billion U.S. dollars). ICBC's net interest income climbed 5.8 percent from a year earlier to 215.9 billion yuan while net fee and commission income grew 23 percent to 67.4 billion yuan in the January-June period, it said in a statement to the Shanghai Stock Exchange. Bank of China (BOC), the country's fourth biggest lender, also reported on Thursday that its first-half net profit was up 12.9 percent to top 80 billion yuan. BOC said its net interest income increased 10.7 percent to 137.3 billion yuan and fee and commission income rose 32.8 percent to 45.5 billion yuan. ICBC's shares edged down 0.26 percent to end at 3.87 yuan on Thursday while BOC closed flat at 2.63 yuan. The country's state-owned "Big Four" banks -- ICBC, BOC, China Construction Bank and Agricultural Bank of China, all reported more than 12 percent increases in their half-year net profit. Industry-wide, combined net profits grew 13.8 percent to 753 billion yuan in the first six months this year, according to data calculated by China Banking Regulatory Commission, the country's top banking regulator.