ICBC profits up 6.75 pct in Q1

The Industrial and Commercial Bank of China (ICBC), the country's largest bank, on Tuesday reported a 6.75-percent increase in net profits in the first quarter of 2014.

Net profits stood at 73.46 billion yuan ($11.88 billion) in the first three months, according to an ICBC statement filed with the Shanghai Stock Exchange.

The lender's total assets hit 19.73 trillion yuan (3.23 trillion U.S. dollars) at the end of March, up 4.32 percent from the end of last year. Its business revenues stood at 156.86 billion yuan at the end of March, up 8.37 percent year on year.

Net profits from interest was 115.83 billion yuan at the end of March, up 8.53 percent year on year. Net profits from fees and commissions was 37.68 billion yuan for the three-month period, up 10.32 percent year on year, according to the statement.

Its non-performing loans ratio was 0.97 and its provision coverage ratio was 245.39 percent at the end of March.