Lending surge lifts ICBC first-half net

Industrial and Commercial Bank of China (ICBC), the world's largest bank by market value, reported a 2.8-percent growth in first half net profit on brisk increase in lending and fee-based revenue.

The bank's net profit edged up to 66.7 billion yuan in the first six months, while operating income dropped by 4.4 percent from a year earlier, to 148.1 billion yuan for the same period.

"Dwindling interest margin deteriorated the bank's revenue, while decent fee-based income and lending increase helped ensure profit growth," Fu Lichun, a banking analyst at Southwest Securities, said.