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China's ICBC, world's biggest bank, posts 1.5% Q1 net profit rise

BEIJING/SHANGHAI, April 29 (Reuters) - Industrial and Commercial Bank of China Ltd (ICBC) said net profit rose 1.5% in the first quarter as China’s recovery from the COVID-19 pandemic accelerated, stoking demand for credit in the world’s second-biggest economy.

Net profit at the world’s biggest commercial lender by assets rose to 85.7 billion yuan ($13.25 billion) in the three months through March 31 from 84.5 billion yuan a year ago, the bank said in a stock exchange filing on Thursday.

$1 = 6.4676 Chinese yuan renminbi Reporting by Zhang Yan, Cheng Leng and Engen Tham; Editing by Muralikumar Anantharaman and John Stonestreet

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