Industrial & Commercial Bank of China Ltd, the world's largest lender by assets, reported its biggest jump in bad loans since at least 2006 as the property market slumped and the economy cooled.

 

Non-performing loans rose 9 percent in the third quarter from the previous three months, the Beijing-based bank said in a stock exchange filing on Wednesday. Net income gained 7.7 percent from a year earlier to 72.4 billion yuan ($11.8 billion), matching the median analyst estimate in a Bloomberg News survey.

 

A struggling Chinese economy is weighing on ICBC's share price and is poised to drag the company to its weakest full-year profit growth since at least 2001 as more borrowers default.

 

Challenges at home may encourage the bank to add to an overseas expansion that already spans Asia, South America and Europe.

 

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