Thursday October 29, 08:39 AM
China's ICBC Q3 profit rises 19 pct
BEIJING/HONG KONG, Oct 29 (Reuters) - Industrial & Commercial Bank of China Ltd (ICBC (0349.HK - news) ), the world's biggest bank by market value, posted a rise in third-quarter profit, boosted by a boom in loan growth in the first half of the year.
ICBC, in which Goldman Sachs (NYSE: GS - news) , Allianz Group and American Express (NYSE: AXP - news) hold stakes, reported July-September earnings of 33.6 billion yuan ($4.9 billion), compared with 28.2 billion yuan a year earlier.
Seven analysts polled by Reuters were expecting the Beijing-based lender to earn 32.6 billion yuan, based on international accounting standards.
Ahead of the results, ICBC's Hong Kong-listed shares ended down 2.72 percent in a market that fell 2.28 percent. The shares are up 49 percent so far this year, matching the gains in the benchmark Hang Seng Index over the same period.
($=6.83 yuan)
(Reporting by Michael Wei and Doug Young; Editing by Muralikumar Anantharaman and Chris Lewis)
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