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ICBC reaps 66.7 bln yuan post-tax H1 profit

Industrial and Commercial Bank of China (ICBC), the world's biggest lender by market value, posted a profit after tax of 66.7 billion yuan (9.77 billion U.S. dollars) in the first half of this year, up 2.8 percent over the same period last year.

The increase was mainly attributed to gains on incomes from the bank's intermediate business, including investment banking business and fund dealing commission, which grew 17 percent from ayear earlier to stand at 28.3 billion yuan, according to the bank's half-year report released Thursday.

Outstanding loans amounted to 5.44 trillion yuan by the end of June, jumping 18.9 percent from the beginning of this year in response to the country's economic stimulus plan.

The non-performing rate was 1.81 percent by June, 0.48 percentage points lower than at the beginning of 2009, as outstanding bad loans decreased 5.8 billion yuan after the bank intensified risks control.

At the end of June 2009, the bank's deposits increased 1.69 trillion yuan from the beginning of the year, leaving its outstanding deposits exceeding 10 trillion yuan.

The total assets of ICBC stood at 11.4 trillion yuan by the end of June, up 17.2 percent from the end of last year.

Earnings per share for the bank amounted to 0.2 yuan and the bank's stock advanced 3.26 percent to end at 4.75 yuan in Shanghai Stock Exchange Thursday. ICBC was simultaneously listed in Shanghai and Hong Kong in October 2006.


 Source : Xinhua  Editor: Ivy
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