ICBC profit growth slows as demand eases

Industrial and Commercial Bank of China Ltd (ICBC), the world's largest bank by market value, posted the smallest profit increase since going public two years ago on weaker corporate demand for loans and other financial services.

Net income rose 26 percent in the third quarter to 28.2 billion yuan, or 0.09 yuan a share, from 22.46 billion yuan, or 0.07 yuan, a year earlier, the Beijing-based bank said in a statement on Friday.

Chairman Jiang Jianqing more than doubled ICBC's profit since 2005 as economic expansion of more than 10 percent bolstered demand for loans. He must now contend with slower demand for loans and rising credit costs as cooling exports cause more Chinese companies to default.