By Kosaku Narioka
Industrial & Commercial Bank of China is scheduled to report the third-quarter results on Wednesday. Here is what you need to know:
NET PROFIT: ICBC is expected to post a 4.0% drop in net profit to 91.15 billion yuan, equivalent to US$12.79 billion, for the three months ended Sept. 30, according to a poll of analysts by Visible Alpha. That would compare with net profit of 94.93 billion yuan in the year-earlier period.
The stock has risen 23% so far in 2024, closing Tuesday at 4.70 Hong Kong dollars, or US$0.60.
WHAT TO WATCH:
--First-half net interest income--the difference between interest earned on loans and that paid on deposits-- fell 6.8% to 313.95 billion yuan. Investors will be focusing on any further deterioration in the bank's primary source of earnings.
--Impairment losses on assets dropped 17% to 102.07 billion yuan in the first half. Investors will be paying attention to the bank's credit costs as economic uncertainty continues in the world's second-biggest economy.
--The bank's nonperforming loan ratio declined to 1.35% at the end of June from 1.36% at the end of December. Investors will be closely monitoring changes in the quality of assets.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
October 29, 2024 05:53 ET (09:53 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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