China's ICBC reports higher profits in Q3

BEIJING - China's largest lender by market value reported higher profits in the third quarter on Monday on the back of improved services and tight risk control.

Industrial and Commercial Bank of China said its net profits increased to 75 billion yuan ($11.4 billion) in the third quarter, up 3.4 percent from a year ago.

Revenues from service charges and commission totaled 31 billion yuan in the third quarter. Net income from interest stood at 133 billion yuan.

The bank's non-performing loan ratio came in at 1.56 percent, down 0.06 percentage points from the level recorded at the end of last year.

In the first three quarters, sales revenue rose 4.6 percent year on year to 506 billion yuan. Net profits increased 2.51 percent to 229 billion yuan.

The bank's provision coverage ratio, a measure of funds set aside to cover bad loans, rose to 148 percent at the end of the third quarter, up 11.8 percentage points from that recorded at the end of last year.

Its net assets rose 6.7 percent to 25.8 trillion yuan by the end of the third quarter.