Industrial & Commercial Bank of China reported a drop in quarterly profit due to declines in interest income and fee and commission income.

The Chinese bank said Tuesday that net profit dropped 4.0% from a year earlier to 84.16 billion yuan, equivalent to $11.54 billion, for the three months ended March.

ICBC said net interest income–the difference between interest earned on loans and that paid on deposits–fell to 156.78 billion yuan from 161.40 billion yuan, as loan interest rates have dropped in the country.

Big Chinese banks like ICBC have been lowering lending rates in recent quarters as policymakers take steps to bolster consumer confidence and support a weak property market.

Net fee and commission income declined to 38.88 billion yuan from 39.34 billion yuan.