ICBC first-quarter profits up 51.6%

26 April 2007

State-owned commercial bank Industrial and Commercial Bank of China (ICBC) has posted a 51.6 per cent rise in first-quarter profits.

Profits for the China's largest lender stood at $2.42 billion, equivalent to earnings per share of 0.06 yuan.

The improved performance was driven in part by increased income from commission and service fees which were up 58.3 per cent to 6.5 billion yuan and revenue from deposits into its wealth management divisions, with sales of wealth management products up 91 per cent to 186 billion yuan.

Meanwhile, there was also a slight upturn in lending with the bank's outstanding loans growing by 4.6 per cent to 167.3 billion yuan and a reduction in the ratio of the bank's non-performing loans from 3.7 per cent to 3.6 per cent.

ICBC is the world's second largest bank with 18,764 branches and 1,165 agents worldwide.

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