Gu Shu, president of the Industrial and Commercial Bank of China (1398), said the bank posted its first-ever first-half net profit drop because it made interest concessions to boost China's real economy. He said the average interest rate of new loans fell by 40 basis points to 4.53 percent, while the interest rate of new inclusive loans dropped by 37 basis points to 4.15 percent. Liao Lin, vice president and chief risk officer of ICBC, said the coronavirus pandemic in the mainland increased its practical experience. ICBC is confident of keeping loan quality under a new repayment deferral policy.

Source: The Standard August 31, 2020 11:26 UTC