China's ICBC to support stabilisation of property market

SHANGHAI: The Industrial and Commercial Bank of China (ICBC) said on Thursday (Mar 28) it will support moves underway in the world's second-largest economy to stabilise its property market.

The comments were made by Wang Jingwu, a vice president at the world's largest lender, at a press conference held a day after its annual results were published. Wang did not specify what kind of support ICBC would provide.

ICBC and Bank of Communications Co Ltd, which kicked off earnings reporting of China's five major state banks, both reported barely any profit growth in 2023 amid slowing economic growth.