Aug
30
ICBC Halts Bad-Loan Increases With $6.3 Billion of Write-Offs
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Nonperforming-loan ratio declines for world’s biggest bank
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Chairman Yi tells of ‘race’ to dispose of bad credit
Industrial & Commercial Bank of China Ltd., the world’s biggest lender by assets, reported the first decline in its bad-loan ratio since 2012 in the second quarter as the bank raced to dispose of nonperforming credit.
ICBC wrote off 42 billion yuan ($6.3 billion) of loans in the first half, 35 percent more than a year earlier, an earnings statement showed Tuesday. Nonperforming loans as a proportion of total credit declined to 1.55 percent in the second quarter from 1.66 percent in the first…
ICBC Halts Bad-Loan Increases With $6.3 Billion of Write-Offs
