ICBC ups net profit by 14% in Q1

ICBC's net profit rose 14 percent year on year to 61.34 billion yuan or US$ 9.77 billion in the first quarter of 2012.

The first-quarter profit slowed from an annual growth rate of 25.6 percent in 2011 and fell below market estimates, showing the impact of a moderating economy.

Net interest income, or revenues from borrowers minus interest paid to depositors, increased 15.74 percent year on year to 98.82 billion yuan, while net income from commissions and service fees climbed 10.39 percent to 28.62 billion yuan.

The capital adequacy ratio stood at 13.13 percent at the end of March, down from 13.17 percent at the end of 2011.

Non-performing loans outstanding declined by 192 million yuan from the end of 2011 to 72.82 billion yuan, with the non-performing loan ratio down 0.05 percentage points to 0.89 percent.