China’s Mega Banks Post Rare Profit Drops on Margin Squeeze

(Bloomberg) — Industrial & Commercial Bank of China Ltd. (ICBC), the nation’s largest lender, reported its first fall in quarterly profit in more than a year as margins continue to contract.

Net income fell 2.78% to 87.7 billion yuan ($12.1 billion) in the first quarter, the Beijing-based bank said in an exchange filing on Monday. Its net interest margin narrowed to 1.48% from 1.61% at the end of 2023.