(MENAFN) Despite facing a 3.7 percent decrease in business revenue, the Industrial and Commercial Bank of China (ICBC), the largest commercial lender in the country, reported a marginal net profit increase of 0.8 percent for the year 2023.
According to its financial report filed with the Shanghai Stock Exchange, the bank's net profit attributable to shareholders reached 365.12 billion yuan (approximately 51.43 billion U.S. dollars), while its business revenue amounted to 843.07 billion yuan.
Remarkably, ICBC managed to improve its non-performing loan ratio, which stood at 1.36 percent at the end of 2023, marking a decrease of 0.02 percentage points compared to the previous year.
The bank's provision coverage ratio saw a notable increase, reaching 213.97 percent, representing a 4.5 percentage point rise from the end of 2022.
Despite the challenging economic environment, ICBC demonstrated its commitment to supporting the real economy by continuing to inject credit.
The balance of domestic RMB loans reached 24.4 trillion yuan by the end of 2023, marking a substantial increase of 2.9 trillion yuan from the beginning of the year. This underscores ICBC's proactive approach in providing financial support to various sectors of the economy, contributing to economic stability and growth amidst evolving market conditions.
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