Net profit at the Industrial & Commercial Bank of China crept up from RMB148.38 billion in H1 2014 to RMB 149.43 billion at the end of June 2015, thanks in part to healthy performance in its private banking and wealth management business.

Chinese banking giant ICBC experienced a slow but steady year-over-year net profit growth of 0.6 per cent to RMB149.4 billion ($23.3 billion) during the first half of 2015 as China's economic growth continued to decelerate.

The Hong Kong and Shanghai-listed bank said it adapted to the “new normal” amid complicated macroeconomic conditions as managed assets in private banking grew by 24 per cent to RMB910 billion over the half-year. Assets under custody grew 12 per cent to over RMB6.5 trillion, making the bank the biggest custodian bank in China, ICBC said in the results statement.

Meanwhile, the balance of wealth management products reached RMB2.1 trillion, up 7.9 per cent. Net fee and commision income from the bank's personal wealth management and private banking services almost doubled from RMB10.1 billion a year ago to RMB19.05 billion.

ICBC's non performing loans ratio reached 1.4 per cent, up 0.15 percentage points from the end of last year. 

“In spite of an increase from the end of 2014, the Bank’s NPL ratio still remained at a relatively healthy level in the first half of 2015 compared to peers in China and abroad,” ICBC said.