China’s biggest bankspost higher Q1 profits

Higher profit: Customers using smart machines inside a ICBC branch in Beijing. The bank’s profit rose 4.1% from a year ago to 82 billion yuan (US$12.2bil). — Reuters

SHANGHAI: China’s largest lenders posted increases in first-quarter profit and higher interest income as authorities encouraged fresh lending to support the economy.

Industrial & Commercial Bank of China Ltd, Agricultural Bank of China Ltd, Bank of Communications Co and Bank of China Ltd reported net income rose as much as 4.9% in the three months ended March 31. That compares with the average 5.7% pace predicted for the nation’s listed banks by China International Capital Corp. China Construction Bank Corp is also due to report results.