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China's ICBC Q3 profit rises 15 pct, beats forecasts

Tuesday, 30 Oct 2012 | 8:38 AM ET

HONG KONG, Oct 30 (Reuters) - Industrial and Commercial Bank of China Ltd (ICBC), the world's biggest lender by market value, posted a 15 pe rcent ri se in third-quarter net profit, bea ting estimates, h elped by wider interest margins due to increased demand for credit.

Net profit rose to 62.44 billion yuan ($10 billion) in July-September from 54.4 billion yuan a year earlier, ICBC said on Tuesday. That compares with an average estimate of 59.9 billion yuan in a Reuters poll of 12 analysts. ($1 = 6.2436 Chinese yuan)

(Reporting by Kelvin Soh; Editing by Ryan Woo)

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