China’s ICBC sees first quarterly profit fall in 6 years

SHANGHAI: Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, posted a dip in quarterly profit for the first time in six years, as margins shrank and bad loans rose.

A slowdown in China’s economy is making it tough for many borrowers to repay loans, and government-introduced stimulus measures have whittled away operating margins for many of the country’s banks.